Receiving payments accurately after a mortgage service transfer should be smooth sailing. But borrowers get busy, forget to open the mail, miss important notices. And for 60 days, servicers are on the hook for getting missent paper and electronic payments rerouted and applied to the right accounts.

CUMBERSOME AND CLUNKY

When a borrower sends a payment in error to the old servicer by mail or bill pay, there’s no automated way to route it quickly and easily to the new servicer. Getting the payment applied correctly involves multiple manual steps—each prone to errors and delays. There’s no reporting, no audit, no tracking, no updates to the servicing platform—and no way to automatically remind the borrower about the servicer change.

TODAY
OS lockbox rejects checks.
Lockbox mails checks to OS.
OS manually reviews physical checks.
OS flags service-released items and creates spreadsheet.
OS batches physical checks by NS.
OS overnights checks and spreadsheets.
NS receives overnight package.
NS opens package and audits checks manually.
NS posts payments manually to servicing platform.
NS deposits items individually via remote deposit capture.
NS manually generates reminder to borrowers.
OS = Old servicer NS = New servicer
TODAY
OS receives online bill pay payment via borrower’s bank.
Transaction rejects.
OS manually reviews items.
OS flags service-released items and creates spreadsheet.
OS creates and emails separate spreadsheets to each NS.
OS initiates manual wire transfer to NS.
NS receives emailed XLS fle.
NS manually processes wire from OS.
NS reviews XLS fle and manually reconciles wire from OS.
NS posts payments manually to servicing platform.
NS manually generates reminder to borrowers.
OS = Old servicer NS = New servicer

IT’S TIME FOR STX

Getting service transfers right is even more important in today’s booming mortgage market. We’ve designed the Service Transfer Exchange to eliminate the time-consuming, labor-intensive inefficiencies of manual payment processing.

Available through REPAY, STX is guided by an expert board of advisors from across the mortgage and financial technology sectors. Together, we’re creating standards that help transactions move quickly and accurately between transferring and receiving servicers.

ABOUT LIFT™

The REPAY LIFT platform allows mortgage servicers to leverage a robust suite of borrower engagement and intelligent payment processing tools. By harnessing the most advanced technologies, REPAY offers convenient payment methods consumers prefer, applies rules across channels, collects appropriate fees and reduces costs—all while ensuring compliance.

A SMOOTHER, SEAMLESS FLOW

STX is powered by LIFT, the REPAY payment and messaging platform. Using LIFT’s PaymentIQ exception-management module, STX automates payment routing and processing—reducing errors and creating a seamless borrower experience. STX tracks each payment, creates auditable reports, updates the servicing platform, and even sends automatic reminders to borrowers by text, email or letter.

STX
OS lockbox rejects checks.
STX injests images of checks.
STX identifes service-released items.
STX posts transactions to NS system of record.
STX deposits payments to NS bank.
STX generates text/email/letter reminder to borrowers.
NS reviews reports and reconciles payments posted through STX.
OS = Old servicer NS = New servicer
NOTE: Automating the sending process works even if the receiving servicer isn’t a member. Instead of sending images electronically, we’ll print and ship image replacement documents.
STX
OS electronic bill pay rejects.
STX ingests bill pay rejects electronically.
STX identifies service-released items.
STX posts transactions to NS system of record.
STX initiates ACH credit to NS bank along with posting fle.
STX generates text/email/letter reminder to borrowers.
NS reviews reports and reconciles payments posted through STX.
OS = Old servicer NS = New servicer

BETTER FOR YOU AND YOUR CUSTOMERS

SERVICER BENEFITS

  • Time savings
  • Increased accuracy
  • End-to-end tracking
  • Online reporting
  • Automated borrower reminders

BORROWER BENEFITS

  • Peace of mind
  • Accurate payment posting servicer
  • Timely reminders
  • No potentially misapplied late fees
  • No need to call the servicer

JOIN STX TODAY

To become part of STX, contact REPAY and sign up for the LIFT platform and PaymentIQ tool. Once your bank and servicing platforms are connected to the exchange, misdirected payments will begin to reroute automatically when you buy or sell servicing rights. Everything’s trackable and auditable from easy-to-use reports on LIFT.

GET STX

To learn more, call us at 888-321-3249 or email getstx@stxmortgage.com. Or let us know how to reach you, and we’ll get in touch!

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. Learn more »