Synovus Bank Extends Sagent Software Deal 5 Years to Power Mortgage Servicing & Analytics

Rhea-AI Summary

Sagent announces a five-year partnership extension with Synovus Bank to power its core and consumer mortgage loan servicing and add new real-time, cloud-based data services.

Positive

• Synovus Bank has chosen to extend its partnership with Sagent, which will accelerate operational efficiency and enhance the consumer experience. Sagent will provide core and consumer mortgage loan servicing as well as real-time analytics through DataScape. This partnership will allow Synovus Bank to make faster operational and customer service decisions.

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• None.

Deal will accelerate operational efficiency and power industry-best consumer experience for customer-first banking leader

KING OF PRUSSIA, Pa.--(BUSINESS WIRE)-- Sagent, a Warburg Pincus-backed fintech software company modernizing mortgage servicing for banks and lenders, today announced a five-year partnership extension with Synovus Bank (NYSE: SNV), (“Synovus”) to power its core and consumer mortgage loan servicing, and add new real-time, cloud-based data services.

Synovus has long relied on Sagent LoanServ as its mortgage servicing system of record, and after adding Sagent CARE to power its consumer experience in early 2023, will also now add DataScape for real-time analytics to make faster operational and customer service decisions.

Founded in 1888 with a simple act of kindness, Synovus Bank has built a legacy on its unwavering customer-first commitment, recognized as a Great Place to Work (Certified Company), one of World’s Best Banks (Forbes), one of Newsweek’s Most Trustworthy Companies in America, and one of American Banker’s 10 top-performing banks with over $50B of assets. Synovus has also been listed as one of America’s Best Banks in Each State by Forbes (#2 in Florida, #3 in Alabama, #4 in South Carolina and #5 in Georgia).

With over $2 trillion in outstanding mortgage balances on its platforms, Sagent and its customers collaborate on open-API models that ensure servicing operations are aligned with cost control, optionality, and real-time policymaking.

“Sagent and Synovus work together to automate complex high-volume tasks, power best-in-class customer self-service, and remain real-time compliant with real-time policymaking,” said Dan Sogorka, CEO of Sagent.

“Synovus Bank’s granular customer service and operational processes constantly influence how Sagent builds our flexible mortgage servicing platforms. This enables Synovus and all Sagent customers to run their business their way while never missing service or compliance details. We’re proud to grow our Synovus partnership and build the future of mortgage servicing with them.”

Sagent has the industry’s only enterprise, default, and consumer mortgage servicing platforms synced by real-time data. This is the latest in a series of Sagent moves to transform the homeowner experience for financial orgs servicing millions of consumers with trillions in mortgage balances.

About Sagent

Sagent powers America’s top bank and nonbank lenders to engage, care for, retain, and modernize the homeownership experience for millions of borrowers. Servicers use our flexible, scalable, and configurable solutions to engage borrowers and earn customer loyalty, lower servicing costs, ensure compliance, and increase the value of servicing rights throughout full market cycles. Sagent is backed by Warburg Pincus, one of the world’s leading private equity investors, and powers trillions in outstanding mortgage servicing for its customers. Visit sagent.com to learn more.

About Synovus

Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and consumer banking in addition to a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus has branches in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231017104676/en/

Press

Chelsea Mize

Director of Marketing

chelsea.mize@sagent.com

Source: Sagent

FAQ

What is the partnership extension between Sagent and Synovus Bank about?

The partnership extension between Sagent and Synovus Bank is about powering core and consumer mortgage loan servicing and adding real-time, cloud-based data services.

What benefits will Synovus Bank gain from this partnership?

Synovus Bank will gain operational efficiency and an improved consumer experience through the use of Sagent's services.

What services will Sagent provide to Synovus Bank?

Sagent will provide core and consumer mortgage loan servicing, as well as real-time analytics through DataScape.

What recognition has Synovus Bank received?

Synovus Bank has been recognized as a Great Place to Work, one of the World's Best Banks, one of Newsweek's Most Trustworthy Companies in America, and one of American Banker's top-performing banks with over $50B of assets.

What is Sagent's focus in the mortgage servicing industry?

Sagent focuses on modernizing mortgage servicing for banks and lenders through its fintech software.

What is the significance of Sagent's partnership with Synovus Bank?

The partnership with Synovus Bank allows Sagent to collaborate on open-API models and align servicing operations with cost control, optionality, and real-time policymaking.