From the moment TMS got into mortgage subservicing, we could tell the industry was overdue for a fresh injection of tech. The old world of subservicing was ruled by out-of-date technology and slow reporting, which had lenders sitting on their hands for weeks, waiting on portfolio performance reports. How can anyone make decisions based on weeks-old data?
In the contemporary world, lenders can’t afford to wait for the gears of last-gen tech to slowly turn. Lenders need up-to-the-minute information on easy-to-read, digital dashboards. Particularly as the world of real estate continues to adapt to the myriad impacts of COVID-19, lenders need information, and they need it now.
At TMS, we’re extremely proud of the human side of our operation — that is, our fleet of CAREologists, the customer service representatives that put smiles on customers’ faces. But we’re equally proud of SIME (short for Servicing Intelligence Made Easy), our proprietary digital portal which gives lenders 24/7/365 access to their portfolios.
No enterprise in 2021 can expect to succeed without up-to-date, relevant data. Subservicing is no exception. In this article, we’re going to explore what lenders love about SIME, how it helps their businesses reach their fullest potential, and why, as we like to say, you can’t spell “Smile” without “SIME.”
Understand the Present
When lenders log into SIME, they don’t see a static snapshot of last week’s info. They see — and hear — an evolving story of what’s happening today. SIME gives lenders access to a range of resources, including:
- Customizable dashboards
- 90+ standard and customizable customer reports
- Customer payment trends
- Loan-level detail and raw data
- Customer call recordings
- Records of how/when TMS has interacted with customers
Lenders can see which customers are staying current, and which are lagging behind. They can review TMS’s interactions with customers, and get a front-row seat to our CAREologists in action. They can view data in a variety of formats, each of which lends a particular type of insight into their portfolios’ health.
It’s not just lenders who benefit from SIME. SIME also powers TMS’s Happinest app, which lets customers manage all their mortgage affairs — making payments, uploading/downloading documents, getting payment notifications — all in the palm of their hands, anywhere, anytime. The Happinest app has led to an 82% self-service rate, meaning the vast majority of our customers are self-sufficient mortgage managers.
When customers and lenders look at SIME’s reports, they aren’t looking into the past and hoping it’s still more or less accurate. They’re looking into the data-rich present. It allowed us to minimize forbearances and delinquencies during COVID-19, when so many struggled with mortgage payments.
When it comes to urgent decision-making, don’t stake your future on a shaky vision of the past. Expect nothing less than the here and now.
Make the Most of the Future
In addition to a thorough account of the present, SIME allows lenders to anticipate the future. Let’s say SIME shows that a customer’s payments are starting to lag a bit — either they’re late on monthly payments, or they’re paying less than they normally do. A slower reporting system might not catch that before it turns into a delinquency. SIME is like a mortgage MRI, tracking patterns as they develop, projecting how they could play out in the future, and alerting us when preventative action is necessary.
That’s the power of 4D Customer Intelligence. When we can recognize potential delinquencies when they’re barely blips on the radar, we can proactively execute outbound calling strategies that help customers stay current, and help you avoid taking a hit to your bottom line. Likewise, we can identify retention opportunities with refinancing and anticipate new home purchases — meaning, of course, new mortgages.
If there’s trouble on the horizon, you can address it before it grows out of control. If there’s a seed of opportunity, you can give it all the attention it needs to flourish. In these cases and many more, you’ve got CAREologists — the most personable, knowledgeable customer service reps in the business — acting on the most up-to-date data possible. It lets you do what you do best: look to the future, originating new loans, confident that your existing ones are in tip-top shape.
Does your current subservicer use a proprietary crystal ball like SIME? Do they give you a full account of the past and accurate predictions of the future? Is your business growing as much as it can, or has it been hampered by unforeseen conflicts? If your subservicer is anything less than a mortgage x-ray tech, it’s probably time to get SIME’d.
From the SIME Faithful
When we first got into subservicing, we knew that better tech was non-negotiable. People no longer walked around using Wall Street-era cellphones, so why should subservicers still rely on the technology of the ’80s? SIME was our effort to bring subservicing into the 21st century. We’re very proud that SIME won a Best in Biz Award for Most Innovative Product of the Year, but we’re even more thrilled at how it’s helped Grow Happiness in our lenders.
“Servicing is the beginning of sales cycle two. We wanted a subservicer that would allow us to stay proactive and in front of our customers. With SIME technology, it’s easy. There was no other subservicer than TMS Subservicing that put us in the game of sales cycle two.”
–Eddy Perez, CEO, Equity Prime Mortgage
The SIME Smile
If CAREologists are the backbone of TMS, then SIME is the muscle. SIME lets lenders stay ahead of the pack in this data-driven age, making smart decisions based on the most pertinent information. By ensuring the health of all current loans, SIME empowers lenders to grow their businesses to their fullest potential.
Does your current subservicer let you monitor all dimensions of your portfolio in real time? Do they let you track every customer interaction? Do they empower customers with the gift of self-sufficiency? If they don’t do all of this, and put a smile on customers’ faces, it might be time to consider a switch.