MortgageFlex Servicing

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Overview

MortgageFlex Servicing fully supports fixed and ARM loans, with balloon payments, and negative amortizing loans. Buy downs and reverse mortgage loans are currently in development.

MortgageFlex Servicing is web-based, flexible, and scalable. Built using the latest .NET technology, the system provides additional flexibility and reduced development time while allowing users to work from multiple locations via the Internet without additional communications equipment. Unlike many servicing systems, MortgageFlex Servicing features real-time updating with group-controlled payment processing, allowing your customer service representatives to have current loan-level information readily available.

Servicing has been developed over the past few years in .NET technology and is undergoing conversion into version 3.5. The latest advances in Microsoft will provide users with even greater flexibility, especially regarding interface capabilities.

Standard system interfaces include ACH, Freddie Mac, Credit Bureaus, IRS and First American. Additional interfaces to your specific business partners and to your internal system can be rapidly developed on a custom basis.

Servicing is easy to learn and to use, as there are no codes used in system. Menus and drop down boxes are in common English and are arranged so screens can be accessed without sequential searching. An automated Workflow tool allows the client to create templates and queues to optimize efficient processing. In addition, our advanced investor cutoff techniques greatly reduce processing time at the 15th and at month end.

MortgageFlex also offers complete ASP hosting services in the Microsoft Azure cloud hosting platform with a fully tested Business Continuity Plan. Our data center has been certified as SSAE-17 compliant, undergoing the industry’s most stringent security audit standards. We also offer a Disaster Recovery site with hot recovery available.

Key Features

Loan Servicing Administration

Servicers can bill monthly and via a coupon book and can automatically generate new servicer notifications.

LoanQuest Servicing utilizes a true Customer Information File. All borrower tables are linked relationally to the loans. Each table can be separately maintained and the number of borrowers connected to a loan is unlimited.

The servicer may communicate with the borrower via telephone, fax or e-mail options. Individual loans can be searched for by Borrower Name, SSN, Borrower Address, Property Address, Loan Number, MERS Loan Number or Investor Loan Number

Crystal Report Writer is embedded within the Servicing system so users can create any management report required. The system is delivered with over eighty standard reports so users can utilize pre-determined criteria. An online letter writer is also available for customized letters.

Security levels can be assigned at a user level and by groups restricting loan access to specific users or by functions. Only authorized personnel control security changes.

Payments Processing

Payment application logic follows FNMA standards. Audit trails are maintained by the system to identify all activities. Detailed information including date, time, and source (employee, agent, or external process) is kept in maintenance and payment history files. Late charges are calculated automatically and can be waived or deferred.

The “Loan Snapshot” screen allows users to view current and prior payment history. The number of history years is not restricted and is determined by the user. This screen includes a scrolling payment history, paid-to-date, delinquent statistics, ARM plan information and total amounts due.

Collections

All processing is workflow based and allows the user to create and utilize specific templates. The user can maintain numerous templates, such as state or type of bankruptcy.

Process exceptions, or dates missed, are sent to a supervisor exception queue for immediate review. Default statistics are available on-line and include three months' trend analysis. Foreclosures are tracked throughout the life cycle. Full REO support from repurchase to disposition is also supported.

Payoff Processing

The payoff screen calculates all amounts due including fees and daily interest, and gives the user the option to net escrows against the payoff or return escrow balances separately.

Escrows and aggregate escrow analysis are fully supported and RESPA compliant. The Escrow Analysis Summary screen presents the last three years’ analyses side-by-side. Detail for each analysis is a click away, as is the forecast and “what-if” functionality, and all are available in a printable format ready to be sent to the borrower.

Escrow disbursements, borrower refunds and claims processing are supported. Each of these is controlled through a group process, and a detailed escrow disbursement history is available real-time for review. The system handles automatic escrow advances, recaptures, spread overages, and shortages.

Multiple payees of all types are supported, and Tax IDs, names and PMI numbers are all tracked. PMI and MIP premiums are calculated as well as insurance renewals.

Investor Reporting

MortgageFlex Servicing supports all investor requirements, including FannieMae Laser, FreddieMac Midanet, private MBS (Wells, Morgan Stanley, Lehman Brothers), single debit, and state reporting. Investor information and servicer specific information is stored and controlled by the user giving users easy, real-time access to the reporting database and allowing account number inquiries.

Servicing is capable of producing numerous investor remittance reports, activity reports and trial balances. Please see the attached standard reports document for a complete listing.

MortgageFlex Servicing has comprehensive on-line accounting capabilities featuring daily and batch balancing, with automatic updates.

Year End Processing

MortgageFlex Servicing generates IRS, state-compliant annual statements, RESPA and investor requirements including 1098 and 1099 statements and tapes.

Key Benefits

There are numerous advantages of a hosted application, including immediate cost efficiencies in the following areas.

Maintain audit responsibilities to provide a SSAE-17 compliant data facility.

Disaster Recovery planning and maintenance as related to the hosted application.

Management of firewalls and communications between host site and back-up site.

Tape backup of systems with off-site storage (Iron Mountain).

Monitoring of system alerts for servers, firewalls, switches, routers and intrusion detection.

Monitoring of physical plant alerts, HVAC, UPS and diesel generator.

DBA Services for health checks of DB and backup services.

Application and DBA services for implementation of change controls/change management.

Monitoring of system capacity for application and database services.

Product/Service details