Servion Mortgage, which partners with credit unions and community banks to provide mortgages to consumers, has signed a seven-year agreement with Sagent to provide fully integrated and configurable loan servicing technology to its clients.
Lenders are increasingly looking to loan servicing — which involves not only collecting monthly payments from borrowers, but helping them through tough times — as a source of revenue. Because loan servicers have details about the borrower’s interest rate and loan balance, they’re also in an advantageous position to offer homeowners refinancing when opportunities arise.
Sagent says it will help Servion deliver real-time automation and increased operational efficiency for its credit union partners, using Sagent’s loan servicing platforms LoanServ (system of record), Tempo (loss mitigation and default management) and CARE (consumer experience).
Together, the platforms will allow Servion to offer “a bank-on-your-phone experience to consumers so they can manage their entire homeownership lifecycle anytime, from any device,” the companies said.
“Credit unions and community banks understand the customer lifecycle better than anyone,” said Sagent CEO Dan Sogorka, in a statement. “They have perfected the art of highly personalized customer care, and now Sagent is honored to work with Servion to superpower their smart human advice. They will use our core servicing, default management, and consumer platforms to deliver modern, digital simplicity to their teams and the consumers they serve.”
A joint venture between Fiserv Inc. and Warburg Pincus, Pennsylvania-baed Sagent says its loan servicing platforms are used by top bank and nonbank lenders to “engage, care for, and retain millions of consumer borrowers with more than $1 trillion in outstanding loan balances.”
Servion was founded in 1987 as CU Mortgage Services Inc., partnering with credit unions that referred mortgages to it. After launching a correspondent channel in 2011 and expanding its business lines to cover title, realty, financial planning, investments, and commercial lending services, CU Companies rebranded as The Servion Group in 2018.