Increased delinquency volume as a result of the COVID-19 pandemic has amplified the need for servicers to work smarter, not harder, and respond quickly to struggling homeowners.
Thankfully, there’s a tool that allows servicers to do just that. Freddie Mac’s Servicing Gateway offers one platform, one login and one doorway to Freddie Mac servicing tools. The platform hosts 15 tools to support the servicing lifecycle for 14,000 external users (1,300 servicers), which has almost doubled since launching the platform in 2019.
Servicing Gateway addresses today’s market demands by providing servicers with a single sign-on and consistent experience to access a variety of essential tools to service performing and nonperforming loans.
“We feel the weight of our current challenging climate and that fuels our mission to transform default management,” said Cecelia Raine, senior director, Reimagine Servicing Strategy and Integration for Freddie Mac. “We’re doing that by creating future tools within Servicing Gateway to improve servicers’ speed to market for mortgage resolution. New tools like PAID (Payments Automated Intelligent and Dynamic) and Resolve will play an important and positive role in the Servicing Gateway experience.”
Servicing Gateway is unique in that it incorporates policy with technology. Last fall, Freddie Mac integrated its Single-Family Seller/Servicer Guide (Guide) with Servicing Gateway. The Guide is the foundation for clients to originate, deliver and service Freddie Mac loans. By integrating it with Servicing Gateway, users are now able to access policies and training related to their tasks or transactions, resulting in
faster processing.
“Not only is the Guide integration a competitive advantage, but it also solves for a long-standing request from our clients for a solution that streamlines policy and implementation of those policies,” said Dave Lucchino, senior vice president, Single-Family Operations. “Having the Guide in Servicing Gateway puts the ‘smarter’ in ‘work smarter, not harder.’”
And there is data to back up that claim. According to Freddie Mac, when Servicing Gateway launched, the platform saved an average of six to 10 clicks for investor reporting users.
With the recent integration of the Guide into Servicing Gateway, clients save time because they no longer need to leave Servicing Gateway to research Guide policies.
One servicer testimonial revealed that, thanks to its early adoption of Resolve and its API integration capabilities, the company is saving several minutes per transaction for Freddie Mac Flex Modification decisioning because no manual data entry is required. Furthermore, for PAID, an early adopter has reported that they reduced duplicate data entry and are able to submit a larger number of transactions at one time.
“We place client insights and industry collaboration at the center of our mission to Reimagine Servicing,” says Ken Burke, vice president of Servicing Operations. “As new Servicing Gateway tools like PAID and Resolve go to market broadly, servicers will have a clear competitive edge for default management activities, which, in turn, will result in reduced costs and speed to market mortgage resolution.”
Dave Lucchino, SVP, Single-Family Operations
Dave Lucchino oversees a variety of critical processes that support Freddie Mac related to origination, servicing for performing and non performing loans, and investor partners.
Ken Burke, VP, Servicing Operations
Ken Burke leads a team which includes loss mitigation, investor reporting, default fees and claims, non performing loan management, and Homesteps/REO.
Cecelia Raine, Senior Director, Reimagine Servicing Strategy and Integration
Cecelia Raine leads strategy to modernize technology platforms and processes aimed at transforming Freddie Mac’s servicing experience for clients and partners.
