#United States #Virginia Beach #mortgage servicing #LoanCare #Digital Retention

LoanCare Introduces Advanced Features to its Digital Retention Platform

LoanCare®, a leader in national mortgage subservicing, has announced significant upgrades to its digital retention tools, aimed at providing enhanced insights for mortgage clients. These new features include Paid in Full Monitoring and RateTrak, tools designed to empower clients with better data for decision-making regarding loan refinancing and payoffs.

Paid in Full Monitoring: A Closer Look at Loan Trends

The first enhancement, Paid in Full Monitoring, is a subscription-based service that integrates into LoanCare Analytics™. This state-of-the-art platform grants clients on-demand access to crucial insights regarding their mortgage portfolios. The Paid in Full Monitoring service specifically addresses loans that have been fully paid off, helping clients understand the underlying reasons for these payoffs, whether it due to refinancing, home sales, or other factors.

Clients can track the trajectory of these loans, identifying where they have migrated post-payoff, and whether they have relocated to rival lenders. This feature also stratifies retained loans based on variables such as interest rates, months until payoff, and by state, thus uncovering competitive threats and unexpected opportunities. Such a comprehensive view of payoff data allows lenders to make informed strategic moves tailored to their specific clientele.

RateTrak: Enhancing Client Engagement with Homeowners

The second enhancement, RateTrak, is poised to revolutionize how homeowners interact with their mortgages. With an interactive slider tool, homeowners can indicate their desired interest rate or monthly payment they hope to achieve if interest rates decrease. Once they self-select to receive alerts about rate drops, lenders can proactively contact those homeowners who are showing readiness to explore refinancing options. This feature is expected to be accessible through the LoanCare Homeowner Portal in the fourth quarter of this year.

Empowering Clients with Market Intelligence

The introduction of Paid in Full Monitoring and RateTrak solidifies LoanCare’s position as a frontrunner in the mortgage servicing sector, offering tools that facilitate the detection of opportunities and risk mitigation. The features enable firms to maintain their branding through private-labeled customer communications, ensuring that clients remain at the forefront of their customer journeys.

Leveraging resources from a specialized Refinance Center located within the Homeowner Portal and the My LoanCare Go app, clients will benefit from a robust information hub that includes recommended products, directed digital promotions, and other communication strategies that prioritize consumer benefits.

Industry Expertise and Commitment to Innovation

Dave Worrall, president of LoanCare, commented on the strategic benefits of these improvements. He emphasizes that the Paid in Full Monitoring tool plays a critical role in aiding lenders in refining their retention strategies. By understanding the main drivers for retention, lenders can better anticipate potential losses.

Worrall noted, "Similarly, knowing which homeowners are most likely to act once interest rates drop is a strategic advantage for clients defending their portfolios." This proactive approach to market intelligence allows clients to optimize their performance without ever jeopardizing customer relationships.

Conclusion

As LoanCare® continues to build its innovative digital retention platform, the new features reflect its commitment to enhancing portfolio performance in a market that is increasingly competitive. With over 40 years of experience in loan servicing, LoanCare remains dedicated to delivering exceptional customer experiences, all while maintaining a firm commitment to its clients’ relationships with their borrowers. For more details and updates, visit LoanCare's website.