Challenges in Claims + Technology Opportunities To Keep Servicers Relentless in their Servicing Approach — WEBINAR RECAP

If you’re in the realm of looking for ready-to-use solutions for challenges in mortgage claims and loss mititgation processes, then you’re in the right place. Recently, Sagent’s Anne Beck, (Director of Product Management) participated in a webinar, hosted by Five Star Institute and our reliable customer Consolidated Analytics, discussing the above relevant topic. Moderated by Five Star Institute’s Editor-in-Chief David Wharton, the panel was filled with three other leading executives (plus our own Anne). Here’s the lineup: 

• Gayla Dunn, Default Manager Supervisor at loanDepot 

• Priscilla Salud, SVP of Servicing Operations at Cardinal Financial Company 

• Kimberly Williams, SVP of Claims Solutions at Consolidated Analytics 

• Anne Beck, Sagent’s Director of Product Management 

If you missed out on the live webinar, no need to fret. We’ve recapped the details for you below, so read on to learn more about the conversation. 

Varied Perspectives 

This particular panel of leading women execs with meaningful mortgage experience, helped fuel the conversation with different perspectives to the challenges discussed. Gayla, Priscilla, and Kimberly all hold roles on the servicing or loan origination side of mortgages, and raised different challenges that occur throughout their processes. Anne’s extensive knowledge of Sagent’s products allowed her to speak on technological capabilities and respond to the common challenges raised by the other panelists. 

Arising Challenges 

Early in their conversation, the panelists discussed the common challenge of missing deadlines. They attributed the confusion to both generic and COVID-19 extensions that can be difficult to track – not to mention on top of manual and human error, which led an insightful solution from Anne. She shared valuable insights about the automated capabilities of Sagent’s Dara, which implements real-time data and AI to track deadlines and keep up to date with HUD regulation changes. This is a gamechanger in our industry, helping servicers stay compliant while also being able to focus on what’s important, the customer. 

Technology can also be harnessed to catch oversights and instances of human error, and to improve the sticking points moving forward. Anne says:  

If there had been loss mitigation that had not been accounted for, or if it had been accounted for but you’re still outside of timeline, [technology can] identify that there potentially should have been a manual request for an extension. And then that leads into being able to track back to where your point of failures are upstream within the servicing process

Kimberly spoke about the challenges that’s accompanied with the massive amount of paperwork and documentation associated with mortgage claims, especially when those documents are not labelled clearly. Priscilla chimed in about how this challenge compounds when transferring between servicers. When documents are moved and are not carefully and meticulously kept in order and labelled, chaos is not too far behind. 

Misplaced documents, especially invoices, can become a real problem if not caught early enough. Anne discussed how Sagent has integrated Dara AI Docs into their claims product, which automatically indexes, classifies, and extracts data from documents. The technology can also use index files and missing documents reports to avoid any missteps in the process. Now if that isn’t problem-solving as its simpliest! 

How Technology Helps 

Anne further expanded on the benefits of using technology in the mortgage process. Some servicing systems do not have specific breakdowns of what different costs are – a problem which Sagent’s systems resolve. She emphasized that Dara provides homeowners with the detailed answers they need about when and why their claim is being curtailed, so they can determine how best to move forward. And what makes this technology even more enticing, is that any servicer can use Dara in their workflow. 

With challenges come opportunity and ways we as an industry can help provide solutions that create better outcomes for the customers we all serve. We couldn’t agree with Anne more when she expressed her appreciation for this opportunity to hear about the challenges that servicers face that technology can potentially solve.  

I really appreciated hearing more and different master servicer and servicers opinions on where their pain points are and knowing that I am on the right path in trying to solve those technological problems and also any other ones that I may not have started to solve yet. 

Thank you to the Five Star Institute and Consolidated Analytics for hosting this excellent webinar. To watch the full session in its entirety, click here. nd other AI tools are not anything to be afraid of; moreover, it’s time to embrace these technologies and use them to improve consumer experiences and employee efficiency–innovation that Sagent has already embraced.