Building a Better Future Through Servicing Technology Innovation
We’ve tackled some significant technology milestones since the inception of our Reimagine Servicing® initiative in 2018. Now, nearly two years later, we’re more than halfway through our roadmap.
We’ve learned a lot along the way, particularly with our current situation with COVID-19 pandemic, which has demanded speed-to-market solutions to support sustainable homeownership. We’re taking these circumstances and turning them into opportunities and innovation as we move into 2021.
The Journey of Technology Innovation:
When we launched Servicing Gateway nearly a year ago, it quickly became the catalyst for servicing innovation. It improved the overall user experience with intuitive navigation and easy access to Freddie Mac servicing tools. To top it off, that transformation has provided the foundation for modernization across all our technologies.
Today, we continue to leverage the value of Reimagine Servicing by listening and responding to Servicers’ feedback and making incremental enhancements to evolve Servicing Gateway. A longstanding request from clients has been to integrate policy into the technology experience. In September we integrated the Single-Family Seller/Servicer Guide (the Guide) on the home page which allowed users to search Guide content while in Servicing Gateway. This enables clients to access policy while completing tasks or transactions, resulting in faster processing and speed to market. We also enhanced several reports so they’re more flexible and consistent.
On October 26, we expanded the Servicing Gateway family to include single sign-on access to both electronic Billing (eBill) and BPODirect®. Servicers can get to what they need faster, and no longer need to re-enter their credentials for these tools. Over the coming months, we’ll continue to enhance reporting and notifications while rolling out a strategy to consolidate multiple user IDs under a single ID for certain Servicers – a more streamlined and efficient approach.
2021 will be a paramount year as we roll out two highly anticipated technology solutions on our Reimagine Servicing roadmap: PAID (Payments Automated Intelligent and Dynamic) and our new loss mitigation tool, Resolve®.
Getting Paid with PAID
The pandemic has proved that Servicers need liquidity and swift cashflow to support their day-to-day operations, especially when delinquencies rise. We’re accelerating a new tool that does just that. You will experience a reengineered expense reimbursement tool, PAID. You will get paid back through a simple workflow and easy, robust reporting. Watch the video on the PAID web page.
“The instantaneous results create more efficient workflow management for us, and we’re a more efficient Servicer,” said, Ken Tierney, vice president of Transaction Management at SLS
Our Resolve to Transform Loss Mitigation
Given the current situation with COVID-19 and the financial hardships homeowners are facing across the nation, a loss mitigation technology solution that provides fast decisioning power for mortgage relief, is essential. Our current climate fuels our mission to transform default management and deliver Resolve – an end-to-end platform that produces a workout decision in near real-time. The journey to transformation is over a multi-year delivery schedule and we’re starting with B2B integration leveraging API technology because it’s a more efficient way to receive decisions and make an impact within the housing value chain.
By mid-next year we’ll release Decision Insights for non-delegated short sales which will provide full transparency into your submissions and eventually eliminate the need for communication via email boxes and replacing with automated workflows.
At this year’s virtual FreddieMacCONNECT conference we reviewed the future of technology innovation during our Let’s Get Digital session. Check out the article where you sign up to access on demand sessions from the conference. Learn more about the vision and roadmap by visiting the Resolve web page, and even taking the first few steps to get started with API integration.
My Invitation to You
Let’s continue the conversation about how we can innovate solutions to improve the servicing lifecycle. Listen to our National Mortgage News webinar recording, "Tackling Innovation for Transformation in Servicing". During this panel discussion we chat with technology provider, DXC, about barriers, opportunities and emerging solutions. It’s a fast moving, digital world and Reimagine Servicing is kicking into high gear – we’re not leaving any stone left unturned.