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.
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.
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.
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.
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.
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.
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 »