Benefits of Using a Mortgage Servicer
By Steve MacMillan, First Vice President, Mortgages at Bankers’ Bank
With changes in the mortgage industry, many community banks are questioning if it makes sense to stay in the servicing business. Discover how you can ease your regulatory burden, reduce expenses, and maintain your customer base by partnering with Bankers’ Bank to be your secondary market mortgage loan servicer.
As you navigate through tax statements and property tax disbursements, do you often find yourself asking questions such as “Is there an easier way to print customer statements?” or “How can I better manage escrow accounts?” Instead, maybe consider asking, Is there a community banking partner that I trust to handle mortgage servicing for me?
Bankers’ Bank Mortgage Servicing can be your trusted partner. You’ll receive a full service, non-compete mortgage servicing team that services a variety of loan types, terms, and from 12 states in the Midwest.
Full Service means Always Your Partner
- We handle all mortgage payments, payoff requests, and payment coupons
- We’re responsible for escrow disbursements including property taxes, homeowners insurance and, the always asked about by your regulator, flood insurance & lender placed insurance
- Customers may utilize a responsive website to access loan documents, make a payment, or securely contact us
- In-house coordination of default, property preservation, and loss mitigation services
- Prompt customer service, yourself or mortgage customers may contact the mortgage servicing team directly
Non-Compete means Never Your Competitor
- Keep your foot traffic in-house – your customers can make payments to loans we service at your community bank using our Mortgage Payment System
- We never solicit your customers for deposit accounts, consumer loans, or other products
- Your customer data is safe – we do not sell your customer data to third parties
Mortgage Servicing is Expensive!
The average cost to service a mortgage loan per year is $177 according to a 2023 MBA study. It’s not just employees that make up the cost to service a loan: record retention, loan setup, payoffs, cashiering, investor accounting, servicing systems all add to the overall cost to keeping the loan on your books. Did you know a single delinquent mortgage loan could quickly balloon to over $1,000 per year with property preservation and legal fees? In addition to expense, there are numerous federal, state, and investor regulations which make mortgage servicing a challenging proposition. Make sure your mortgage servicing portfolio is adding to your bottom line, not subtracting from it.
The best way to take advantage of this service is to use our secondary market origination services, which provide access to loan processing, dedicated underwriters, and closing document preparation.
Whether you are actively originating mortgage loans, want to get started, or have an existing secondary market portfolio, talk to Bankers’ Bank today to explore how we can be your partner to reduce your regulatory burden and expenses while maintaining your existing customer base.
Contact your Correspondent Banker to take advantage of this mortgage service.