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» VISIT US ONLINE @ DSNEWS.COM 59 staff that knew how to run algorithms, queries and could understand complex readouts, according to Rasmussen. Now, however, there are some easy, inexpensive tools from Microsoft, Google, and others that someone can use with almost no technical or data background. Simplicity was also the idea behind the redesign and renaming of Quicken Loans' website previously called MyQL, now branded Rocket Mortgage, to build on the marketing campaign around that brand for origination and use it for servicing as well, Nicole Beattie, Quicken Loans VP of Servicing shared. "Now customers never feel a handoff when they move from origination to servicing," Beattie explained. "We did a complete overhaul of our website to provide the servicing information that is important from a customer perspective. We're constantly looking at things through a client lens. We've added a nice interface, using a 'tile' approach." One tile is estimated value, which shows the property's estimated current value. e key here is that the borrower can see if the property is rising in value over time, declining or holding its own. Another tile offers escrow information, including detailed information about how escrow is calculated, disbursed, etc. An easy-to-use mortgage calculator is another feature. ough mortgage amortization calculators are far from new, the Quicken Loans one shows not just simple loan amortization schedules and payment differences for different loan amounts and varying interest rates, Beattie says. "It takes someone step-by-step through the process. ey can see how much they can save if they make additional payments, they see how much they can save if they make bi-weekly payments rather than monthly payments. As with other technologies the company uses, the website redesign was handled in-house Beattie says. By making the servicing side simple for the customer, Quicken Mortgage expects to help encourage borrowers to return to the company for loans for subsequent homes, Beattie explains. "We want to provide our clients with the best possible web experience. is is where we can earn a client for life." Similarly, simplicity for the servicer and borrowers was behind the combination of four different systems into the single SunTrust mobile app, Elliott says. Beyond basic mortgage information, borrowers can obtain escrow information, private mortgage insurance details, appraisal reports, as well as other related information. "We wanted to make what was complex very simple," Elliott said. Additionally, many of the borrowers also have other SunTrust banking relationships, and now they can access them all from one source. "is provides them with a single version of the truth," Elliott said. Tools that are changing the way mortgage professionals approach servicing, include those targeted in the following areas: » Digital Connectivity: Servicers want to make it as easy as possible for borrowers to make payments, whether it be through a mobile app, via a desktop connection or through the traditional mailed check. Quicken Loans has taken that idea one step further. Borrowers with mortgages from Quicken Loans can now tell Amazon's Alexa to make a mortgage payment, Beattie says. e company is working on similar capabilities with Google Home, Siri, and others. » Improved Pricing Transparency: Fannie Mae and Freddie Mac for some time had been providing the largest secondary market companies full details about specified portfolio pools online, but now is offering that same information to mid-tier companies, such as Churchill Mortgage, says Tom Gillen, the company's SVP of capital markets. "is is giving the smaller guys a boost." It also provides them with the detail they need to compete on an even playing field for these loans. Yet many in the secondary market don't take advantage of this new capability, according to Gillen. "A lot of people get into a rut working with the same aggregator all of the time." » Digital Marketing: In an area where other industries have led the way, secondary market firms are now turning to more digital marketing efforts, leveraging tools like Google AdWords, retargeting and Analytics to pinpoint the best prospects, Whitney Blessington, Churchill VP of Marketing said. Investors and other partners are moving into the digital realm much like consumers, so servicers and others in the mortgage business need to market to them the same way they do to consumers. TECH NEVER SLEEPS ough mortgage servicing technology has evolved rapidly, particularly in the last couple of years, there's still more technology that will come into play in the next few years, according to Rasmussen. Some closings documents, loan servicing files, ancillary payment information, property liens and some other details still come into a servicing organization or loan originator as paper documents. Getting the providers of those documents to deliver them electronically "is like wrestling in the mud," according to Rasmussen. "When that changes, everything will become more accurate and available. It's something everyone [in the mortgage industry] is chasing." Quicken Loans is working on a technology with the working title "Rocket Mod" that would help consumers at risk of foreclosure to reach out for help more quickly so that they can work out the best solution, be it a modification, short sale or something else. Similarly, SunTrust Mortgage is developing its online modification program to help the servicer as well as borrowers to attempt to quickly address any shocks like those that occurred in 2007-2008, Elliott commented. "When it happened, all of the lenders and the servicers were very reactionary. We had to act quickly. From a technology standpoint, we were working with very complex software stacks. It's been important to improve our processes." "Mortgage technology can only go so far in resolving a problem after the problem has reared its ugly head," Hyland's Comer says. "But getting and staying ahead of the issue will allow companies to better manage their portfolios and reduce the potential bad debt." "Technology can make communication with borrowers easier than ever, and this should be the case with past due loans," Black recommended. "Mortgage companies can reach out to past due loans via direct email with reminders and even automated emails to suggest refinancing or other options to assist the borrower through the algorithm, versus reach out by phone and other options. e world revolves around smartphones, and the mortgage industry should be embracing this as well."