#USA #Philadelphia #ICE #MSP #Xactus

Xactus Transforms Mortgage Servicing with New Integration

Xactus, a leading name in fintech and verification solutions for the mortgage industry, has recently made a significant leap in enhancing loan servicing ecosystem capabilities with its latest integration. This move involved the successful incorporation of their automated flood compliance solution with ICE's MSP loan servicing system. The motivation behind this integration is to streamline the loan life cycle, extending efficiency beyond the origination phase into servicing.

A Game-Changer for Mortgage Servicers

Michael Crockett, Chief Operating Officer at Xactus, described the integration as a groundbreaking development for both Xactus and the mortgage servicers utilizing MSP. By automating the delivery of flood certification updates, this integration removes the need for manual intervention, offering a more seamless and efficient compliance solution. It marks an essential step in Xactus's strategic growth within the servicing ecosystem.

The need for such a revolutionary approach stems from the challenges faced by mortgage servicers in managing flood compliance. The Federal Emergency Management Agency (FEMA) frequently updates flood maps throughout the year—up to 26 times—potentially impacting countless properties. Managing these updates has traditionally posed a considerable compliance challenge and heightened operational expenses for servicers.

Efficiency Redefined with Automation

Prior to this integration, mortgage servicers often faced limitations concerning flood provider options able to deliver automated updates directly within their systems. This situation not only escalated costs but also created a prohibitive environment in terms of flexibility needed to adapt to regulatory changes.

With the new integration in place, Xactus's system automatically identifies when changes in FEMA maps affect properties within a servicer's portfolio. It instantly updates the flood zone status in the servicing system, prompting necessary actions like informing borrowers about new flood insurance requirements or exploring cost-saving possibilities in insurance coverage.

The automative functionalities significantly mitigate the necessity for traditional manual processes, such as managing email notifications. This advancement plays a crucial role in diminishing compliance risks and reducing operational expenses for financial institutions striving to serve their clients effectively.

Key Benefits for Mortgage Servicers

The advantages of the new integration are multifaceted:

• - Automated Delivery: Flood zone updates are delivered directly into the servicing system, eliminating arduous manual processes.
• - Minimized Compliance Risks: Servicers can avoid the complications associated with managing dual systems and improve compliance accuracy.
• - Real-Time Monitoring: The system continuously monitors FEMA map changes, ensuring swift updates for affected properties.
• - Cost-Effectiveness: Despite enhanced efficiency, the integration maintains competitive pricing, granting servicers the ability to optimize operations.
• - Seamless Implementation: The technology integrates smoothly into existing servicing systems, minimizing disruption during adaptation.

Shelley Leonard, President of Xactus, stated, “This connectivity marks a major milestone and expansion of our servicing capabilities. We are ecstatic to offer users this compelling new option that marries innovative technology with exceptional value.”

A Bright Future for Financial Services

In a rapidly evolving financial landscape, Xactus stands out by leveraging advanced technologies to offer practical solutions that cater to the distinct needs of the mortgage and financial services industries. Their Intelligent Verification Platform, Xactus360, embodies their commitment to streamlining processes, enabling clients to make expeditious and informed mortgage decisions.

For further details regarding Xactus's flood certification services or its integration capabilities, interested parties can visit xactus.com or contact them directly.

Xactus continues to establish itself at the forefront of innovation within the industry, paving the way for a more efficient, automated future in mortgage servicing.