REPAY Forms Advisory Board to Encourage Mortgage Transfer Payment Standards and Best Practices
Repay Holdings Corporation (NASDAQ: RPAY) has established an advisory board for its Service Transfer Exchange (STX) solution, aiming to streamline mortgage payment processing. The board includes leaders from LoanCare, loanDepot, PHH Mortgage, RoundPoint Mortgage Servicing, Shellpoint Mortgage Servicing, and US Bank. By addressing the challenges of service transfers, the board seeks to design standards that improve payment workflows, reduce errors, and enhance borrower experiences during the 60-day grace period, ultimately promoting better payment flows within the mortgage sector.
- Formation of an advisory board with industry experts enhances strategic guidance.
- STX aims to automate and streamline the mortgage payment processing, reducing labor-intensive steps.
- The initiative seeks to standardize payment workflows, which could lead to improved efficiency and borrower satisfaction.
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ATLANTA--(BUSINESS WIRE)--Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY”), a leading provider of vertically integrated payment solutions, today announced the formation of an advisory board to guide development of their Service Transfer Exchange (STX) solution. The STX Advisory Board is composed of mortgage industry experts representing a variety of companies and leadership levels.
Charter members include representatives from:
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REPAY’s Ventanex business unit coordinates the STX network, which automates payment processing and routing between mortgage servicers. “Our advisory board members recognize the challenges of service transfers and are stepping up to help shape standards that will improve the process for servicers and their customers,” said Todd Harbison, REPAY vice president and current moderator of the board.
STX eliminates many labor-intensive steps during the 60-day consumer grace period when the transferring servicer must ensure delivery of missent borrower payments to the receiving servicer. The current process of physical check processing, manual data entry and analysis and shipment processing is cumbersome and error prone.
The STX Advisory Board will design and promote implementation of operating standards to ensure consistency; recommend enhancements to products and services to improve workflows; and promote participation and adoption of the new standards throughout their networks. The goal is to improve and standardize payment flow, eliminate errors, reduce delinquencies and create a better experience for borrowers.
To learn more about the STX Advisory Board and inquire about participation for your organization, please visit www.stxmortgage.com.
About REPAY
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for merchants, while enhancing the overall experience for consumers and businesses.
