Real Estate

Sagent To Power Loan Servicing For Bank of England Mortgage

The Arkansas-based lender will use Sagent’s servicing solutions to collect monthly payments from borrowers and manage loans when homeowners get behind on their payments.

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It might not be the Bank of England that you were thinking of, but fintech software developer Sagent is pleased to have signed a 10-year deal to power loan servicing for Arkansas-based Bank of England’s mortgage division.

Based in England, Arkansas, Bank of England Mortgage is a national mortgage lender with 1,000 employees working out of 145 branches in 39 states.

Bank of England Mortgage, which also does business as Vinings Mortgage, has signed on to use Sagent’s servicing platforms to collect monthly payments from borrowers and manage loans when homeowners get behind on their payments.

Dan Sogorka

The technology will help Bank of England Mortgage “care for customers in good times and challenging times with real-time engagement where customers can self-serve or get smart human advice anytime,” Sagent CEO Dan Sogorka said in a statement.

Sagent will power Bank of England’s entire servicing tech stack providing solutions including LoanServ (system of record), Tempo (loss mitigation and default management), CARE (customer attention, retention and engagement), LoanBoard (new loan boarding) and Datascape+ (cloud-based data platform).

“As we modernize our servicing capabilities to meet our customers’ needs throughout their home-owning lifecycle, it became clear that Sagent was the only servicing fintech partner who could accommodate our rapid growth and servicing expansion while also advancing the quality of experience our customers expect and value,” said Brad Staley, head of servicing at Bank of England Mortgage, in a statement.

A fintech software company that’s a joint venture between Fiserv Inc. and private equity firm Warburg Pincus, Sagent announced in February a $250 million deal to acquire the mortgage servicing platform of Mr. Cooper, a top mortgage servicer that collects payments on more than 3 million home loans. The deal commits Mr. Cooper, which took a stake in Sagent as part of the deal, to license Sagent’s servicing platform for seven years.

Sagent also has deals with Figure Technologies to use its Provenance Blockchain technology to create efficiencies in lending and power Figure’s mortgage servicing.

With its expanded capabilities Sagent has been signing deals with several new lenders this year, as well as renewing existing customers including:

  • Chickasaw Community Bank signed a 10-year agreement with Sagent to power its servicing business in June.
  • Fairstone Financial Inc. extended a partnership with Sagent to power its personal loans business by an additional five years in May.
  • Clearview Federal Credit Union signed a seven-year deal with Sagent in April to bring its mortgage servicing business in-house.
  • Freedom Mortgage Corp. signed a five-year partnership extension with Sagent in March to power servicing of $400 billion in loans.
  • Gateway First Bank extended a multi-year servicing partnership with Sagent in January.

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