LoanCare® Launches Enhanced, Proprietary Servicing Website

Rhea-AI Summary

LoanCare, a top U.S. mortgage subservicer, has launched a new homeowner website powered by proprietary software, offering state-of-the-art capabilities for quick interactions and intuitive self-service options. The platform empowers lenders with enhanced visibility and multi-lingual support, providing a modernized experience for homeowners and clients. The company aims to provide a more consumer-centric tech-driven future through personalized convenience and comprehensive line of sight into the customer's experience.

Insights

Market Research Analyst

The introduction of LoanCare's new mortgage management platform is a strategic move aimed at enhancing the competitiveness and appeal of its services in the mortgage servicing industry. By prioritizing a user-friendly experience with multi-lingual support and frictionless functionality, LoanCare is addressing the increasing demand for personalized and accessible financial services.

From a market research perspective, the integration of advanced tools and a visual dashboard for loan overview aligns with the broader trend of digital transformation within financial services. The ability to communicate through preferred methods and languages can expand market reach and customer satisfaction, potentially reducing churn rates. The platform's emphasis on self-service and at-a-glance information reflects consumer preferences for autonomy and efficiency in managing their financial affairs.

The proprietary nature of the platform also suggests a competitive edge, as LoanCare can rapidly adapt to market changes without reliance on third-party vendors. This agility could translate into faster implementation of new features or compliance measures, which is critical in a regulatory environment as dynamic as the mortgage industry.

Financial Analyst

The launch of a new servicing platform by LoanCare could have financial implications for the company and its stakeholders. Enhanced visibility and account-based marketing tools like LoanCare ABM™ suggest potential for increased revenue through cross-selling and up-selling opportunities. The ability to promote offers and programs tailored to individual homeowners may lead to higher conversion rates and customer retention, which are key drivers of long-term profitability in the service sector.

Moreover, the platform's robust data inputs and analytical capabilities could lead to improved operational efficiencies and cost savings. By enabling homeowners to self-serve, LoanCare may reduce the need for extensive customer service teams, thereby lowering operational costs. The impact on the company's bottom line could be significant, as these savings can be reallocated to other strategic initiatives or contribute to margin improvement.

Legal Expert

LoanCare's emphasis on regulatory compliance and the ability to respond to market dynamics, including government programs and servicing updates, highlights the importance of agility in the face of legal and regulatory challenges. In the mortgage servicing industry, adherence to regulations is paramount and the new platform's design to quickly pivot in response to such changes is a proactive measure that could mitigate legal risks.

Additionally, the platform's multi-lingual support is not only a customer-centric feature but also a compliance strength. Financial institutions are increasingly expected to provide services that accommodate a diverse customer base, including language options. This aspect of the platform may help LoanCare navigate fair lending laws and regulations that mandate clear and understandable communication with consumers.

From a legal standpoint, the proprietary control over the website's content and functionality ensures that LoanCare can maintain compliance with an evolving regulatory landscape, potentially reducing exposure to legal penalties or consumer litigation related to servicing practices.

Leading Mortgage Servicer Rolls Out New Servicing Platform Allowing Lenders to
Better Manage the Homeowner Experience

VIRGINIA BEACH, Va., Feb. 6, 2024 /PRNewswire/ -- LoanCare®, a top U.S. mortgage subservicer, announced it has introduced a wholly re-imagined, re-engineered, and re-designed version of the myloancare.com website powered by its proprietary software. The new homeowners' website provides a path towards a more consumer-centric tech-driven future through state-of-the-art capabilities designed for quick interactions and intuitive self-service options.

Our vision to make the mortgage journey straightforward for homeowners to navigate and lenders to manage continues to fuel our innovation.

"Our vision to make the mortgage journey straightforward for homeowners to navigate and lenders to manage continues to fuel our innovation," said Dave Worrall, President of LoanCare. "This proprietary mortgage management platform was built with analytical insight, authoritative market research, and client collaboration. It is the latest demonstration of LoanCare's commitment to providing an exceptional digital experience for our clients and homeowners."

Empowering Lenders with Enhanced Visibility, Multi-Lingual Support
Simplifying the user experience is a top priority at LoanCare. As such, the new website capabilities are focused on frictionless functionality and personalized convenience. Website highlights include the ability to communicate with homeowners through their preferred method – text, email, or phone – and language, English or Spanish. The platform's technology provides a modernized experience enabling homeowners to self-serve on the go with advanced tools and support information. The refreshed design provides an at-a-glance loan overview through a visual dashboard with quick access to payment details, documents, and popular resources.

For LoanCare clients, the new website provides a more comprehensive line of sight into the customer's experience through the Homeowner View feature located within their portal, LoanCare Client Connect™. The new website also offers extended retention opportunities through LoanCare ABM™, an account-based marketing platform for clients to promote offers, programs, and content relevant to a particular homeowner.

LoanCare retains complete control over the website, allowing the company to quickly pivot to meet market dynamics, government programs, regulatory compliance, and servicing updates. The ability to serve homeowners and clients through any event whether it's recessions, disasters, pandemics, or the next unknown is paramount to a successful subservicing partnership.

"By leveraging robust data inputs in the development of next-gen tools like our new homeowner website, we continue to advance LoanCare services to a place where tech prowess and exceptional user experiences converge," said Worrall.

About LoanCare

LoanCare is a top national provider of full-service, component, and interim mortgage loan subservicing. The company is known for delivering a superior customer experience through personalization and convenience. Its proprietary portfolio management platform, LoanCare Analytics™, identifies risk and opportunity quickly to enable smarter decisioning across the servicing spectrum. For 40 years, LoanCare has been servicing loans for banks, credit unions, independent mortgage companies, and portfolio investors. LoanCare is part of Fidelity National Financial (NYSE: FNF), a Fortune 500 company and leading provider of title insurance and transaction services to the real estate and mortgage industries. For more information, visit www.loancare.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/loancare-launches-enhanced-proprietary-servicing-website-302054704.html

SOURCE LoanCare

FAQ

What is the name of the top U.S. mortgage subservicer that launched a new homeowner website?

LoanCare

What are the highlights of the new website capabilities?

The new website capabilities focus on frictionless functionality, personalized convenience, and the ability to communicate with homeowners through their preferred method and language. It also provides a modernized experience enabling homeowners to self-serve on the go with advanced tools and support information.

What is LoanCare Client Connect™?

LoanCare Client Connect™ is a portal that provides LoanCare clients with a comprehensive line of sight into the customer's experience, including extended retention opportunities through LoanCare ABM™, an account-based marketing platform for clients to promote offers, programs, and relevant content to homeowners.

What does LoanCare aim to provide through the new website?

LoanCare aims to provide a more consumer-centric tech-driven future through state-of-the-art capabilities designed for quick interactions and intuitive self-service options, as well as extended retention opportunities for clients to promote offers, programs, and relevant content to homeowners.

What is the vision of LoanCare's President, Dave Worrall, regarding the new homeowner website?

Dave Worrall envisions making the mortgage journey straightforward for homeowners to navigate and lenders to manage through the new homeowner website, which was built with analytical insight, authoritative market research, and client collaboration.