Mortgage payment processing is typically performed by a third-party provider to achieve economies of scale, improve efficiency and to ensure security and regulatory compliance.
Mortgage payment processing requirements that generally apply to all mortgage lenders that 3 Point Alliance can help you with include:
Reporting – Clients receive detailed, timely reports on exception items, foreclosures, stop files, late payments, escrow payments, and any other payment-related details that have been established.
Timeliness – Mortgage servicers are required to process mortgage payment on the day they are received. Any late fees, escrow payments or other payment components would be posted and tracked as well.
Exception Item Handling – Expert processing of unidentified payments, additional funds paid (escrow, principal, late fees, etc.), stop filesitems (short sales, foreclosures, evictions), tax bills, insurance documents and other exceptions which, if not done well, can bog down processing rates and increase costs.
Payment Application – Ability to apply the various components of the mortgage payment properly, i.e. principal, interest, escrow, real estate taxes and insurance. This reguires customizable software and up-to-date processes in place to accurately post payments across payment components.
3 Point Alliance
Founded in 1990, 3 Point Alliance has been a leading provider of end-to-end remittance processing solutions that exceed industry quality standards and reduce processing costs by streamlining payment operations.