Mortgage Industry Buzzing about Sagent’s Trillion Dollar 2022 (and It’s Only April)

Real estate media stalwart Inman News summarized Sagent’s 2022 best with this headline:

Sagent Keeps Lining Up Deals After Starting Year With A Bang.

And it’s only April!  

But Sagent’s performance for its bank/lender customers and prospects is the result of a focused innovation journey since CEO Dan Sogorka took over Sagent two years ago. 

Back then, we said a maturing economic cycle creates urgency to modernize mortgage servicing, and that Sagent would build or buy all modules servicers need to eliminate data silos. Now our homeowner-first, enterprise-grade platforms are all cloud-based and talk to each other in real-time. These platforms include:  

• LoanServ (system of record)
• Tempo (loss mitigation and default management)
• CARE (consumer experience)
• Datascape+ (cloud-based data reporting and insights)
• LoanBoard (seamless originations-to-servicing onboarding)

This progress enabled Sagent to start 2022 “with a bang” as Inman noted. Below is a recap of our big year with customers so far: 

New Chief Product Officer: Courtney Thompson  

When Sagent began 2022 by hiring Courtney Thompson as Chief Product Officer, our CEO Dan summarized it like this: 

“Rewiring America’s $12 trillion mortgage servicing sector requires nimble but highly technical software that connects all consumer, servicer, regulator, investor, and partner needs. Courtney truly gets how these needs fit together into smart tech platforms. She’ll help us go faster delivering simplicity consumers expect without compromising on depth servicers require.

Since then Courtney and our Chief Technology Officer Uday Devalla have combined her forensic knowledge of servicer processes and regulatory requirements with his experience building every detail of scale origination and servicing systems. 

Their 2022-2023 roadmap paved the way for a series of high-profile relationships.    

Customer Partnership Expansion: Gateway First Bank

First up was a multi-year partnership extension with Gateway First Bank, a 10-year Sagent customer with $1.9 billion in assets and 170 mortgage centers in 43 states.

Earl Dunham, Senior Vice President of Servicing at Gateway, said that “Extending our Sagent relationship helps us continue setting the standard for consumer experience in loan servicing, where customer relationships are managed and grown.”

As with all of our 2022 customer partnerships, the Gateway First Bank deal involved multiple Sagent platforms powering entire operations. In Gateway’s case, they use LoanServ (system of record), CARE (consumer experience), and DataScape (cloud-based data reporting and insights) to simplify the servicing experience for customers and team members. 

Sagent’s Landmark Deal With Mr. Cooper

Next up in 2022 was Sagent’s landmark two-part deal with Mr. Cooper, a servicing giant with $700 billion in outstanding servicing. 

First, Mr. Cooper has become a long-term servicing customer of Sagent, and joins the rest of our customers in collaborating with us on faster, smarter innovation. Second, we bought Mr. Cooper’s cloud-based tech platform that powers customer retention rates 2X higher than the industry average.

Mr. Cooper CEO Jay Bray described the vision best when talking to Wall Street analysts on the company’s most recent earnings call: 

“Every mortgage company wants a cloud-based solution. Having the first truly native cloud-based platform is a game changer. Every line of code we’ve developed over the last six years has been cloud-native code. [With Sagent, we are] creating something brand new that everyone’s wanted, and I would expect it’s going to be a major disruption.”

The deal officially closed March 31, and we’re now integrating hundreds of Mr. Cooper technology team members with Sagent’s team to deliver the industry’s first cloud-native, homeowner-first servicing platform. 

Without question, this deal represents — and accelerates — the future of mortgage. 

Customer Partnership Expansion: Freedom Mortgage 

Right after Sagent’s Mr. Cooper deal, we were honored to lock in a five-year partnership renewal with Freedom Mortgage, another mortgage giant we serve, which has $400 billion in outstanding servicing.

Freedom uses Sagent LoanServ (core servicing), Tempo (default management), and CARE (homeowner experience) to power their vision for a singular customer experience from push-button originations to always-engaged servicing and back to new push-button originations. 

Freedom Mortgage President of Residential Servicing and Correspondent Lending David Sheeler summarized their Sagent partnership as follows: 

“Freedom Mortgage sets the standard for consumer experience in mortgage, and key to our success is building with Sagent’s tech platforms to meet each customer’s individual needs. With Sagent helping power our mortgage technology, we can iterate faster on our proprietary consumer experience to meet each customer exactly where they are in their homeownership journey and serve them with a combination of digital simplicity and smart human advice.”

New Customer Partnership: Clearview Federal Credit Union

This month, we were also honored to sign a seven-year deal with Clearview Federal Credit Union to combine modern mortgage fintech innovation with local banking customer service; and also pair Sagent with Jack Henry’s Epysis core banking platform to power Clearview. 

Vice President of Lending at Clearview Dustin Holmberg said this about their goals and their selection of Sagent’s LoanServ (system of record), CARE (consumer experience), and Datascape+ (cloud-based data reporting and insights) platforms: 

“We were looking for a servicing fintech partner with both the scale and configurability to help us bring servicing in-house. After scrutinizing the market, Sagent was the only servicing fintech partner with the technical muscle and understanding of our human approach to meet our members’ evolving needs.”

Sagent’s Trillion Dollar 2022 (And It’s Only April)  

All of these Sagent client partnerships mean the world to us, and we are in the trenches with our client partners daily to deliver the future. 

The sum of these 2022 partnerships meaningfully exceeds $1 trillion in outstanding loan balances that Sagent is powering. 

This brings the total outstanding servicing Sagent powers into the trillions, and it’s a responsibility we take very seriously.

Our exec team members are visionaries who get the details.  

When we announced the Mr. Cooper deal, Andrew Bon Salle, Sagent board member and former head of Single Family Business at Fannie Mae, summarized our stance very well: 

“America’s mortgage servicers must be powered by nimble technology to be heroes to borrowers, stalwarts to investors and stewards of consumer protection to regulators. I believe Mr. Cooper and Sagent are leading this charge in today’s market.”

Late-2021 Deals & A Look Ahead

We started 2022 with incredible momentum coming out of 2021, having deepened partnerships with all customers, and added more new customers. Here’s a short list from the second half of 2021: 

• Land Home Financial Services Selected Sagent to Power Its Entire Servicing Ecosystem In A 10-Year Deal
• Servion Tapped Sagent to Power Its Full Consumer-First Servicing Tech Stack In A 7-Year Deal
• Computershare Loan Services Extended Sagent Loan Servicing Agreement for 6 Years
• Digital Lending Leader Figure Selected Sagent To Power Aggressive Mortgage Growth & Partner On Transformative Blockchain Vision

Looking forward deep into 2022, we expect to announce more partnerships that build on this unprecedented momentum in the mortgage servicing space. 

We set out to lead homeowner-first servicing modernization two years ago, and these proof points show just how serious we are about delivering this future to our industry. 

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