ServiceLink has expanded the availability of its HARP 2.0 solutions to lenders nationwide, including regional and smaller national lending institutions which stand to benefit most from this enhanced government program, according to the company.
As Fidelity noted in its first quarter earnings call, ServiceLink increased its staffing levels to start 2011 because of increased demand and anticipation of more business from HARP 2.0. ServiceLink has been providing both custom and standardized programs to support HARP transactions since the program’s inception in 2009. To date, ServiceLink has successfully completed hundreds of thousands of HARP transactions for its customers.
ServiceLink provides its lender customers with an end-to-end solution that effectively resolves capacity issues through the use of customized workflow processes. These customized processes are designed to enable customers to reduce cycle times, mitigate risks and optimize the overall borrower experience. HARP transactions may be submitted to ServiceLink in a variety of ways, including custom systems integration, the company’s website or through leading third-party transaction platforms.
Once a lender has identified and solicited a borrower for participation in the HARP 2.0 program and assigned the loan to ServiceLink, ServiceLink then runs the loan data through its proprietary SmartConneXion iApprove platform to make informed title workflow decisions, triggering rapid production of title commitments and “clear-to-close” notifications. ServiceLink reports that this system will deliver title commitments in minutes. Additionally, more than 90 percent of the loan files that ServiceLink manages through this process achieve a “clear-to-close” title in just two days.
Through its Web-based closing solution, iClose, ServiceLink then works directly with borrowers to conveniently review and execute the loan documents from virtually any location at any time. Access to real-time, face-to-face video technology further enhances the borrower experience for ServiceLink’s customers. Additionally, HARP closings leverage all of the available closing solutions, including in-home signings, in-branch signings and traditional office closings.
“As a company, ServiceLink is committed to providing lenders with the tools that they need to manage their HARP 2.0 programs more efficiently and profitably,” said Chris Azur, president of ServiceLink. “We have designed our solutions to scale to market demand, and I am proud of the positive impact that we are making on behalf of our customers and their borrowers. As the HARP program continues to evolve and grow, our lender customers are well positioned to react quickly to guideline changes and further ensure compliance of their processed loans.”