In today’s challenging mortgage environment, more servicers are turning to refinances as a viable alternative to loan modifications. LPS’s RediRefi is a fast, hassle-free process targeted toward refinancing borrowers with appropriate loan-to-values.
How Does RediRefi Work?
LPS’ RediRefi program includes four key components to assist servicers:
- Identification – RediRefi leverages LPS’ extensive data resources and your servicing data to identify products and tranches that are ripe for refinance opportunity in current rate environments. The identification process will match and append LPS public records and valuation data to loan data in the servicing system.
- Optimization – LPS delivers additional eligibility data, such as a preliminary indication of title clearance, as well as tax and flood zone data, to further qualify refinance candidates.
- Solicitation – When a group of loans that meets all eligibility requirements is identified, a marketing program is designed to clearly communicate a simple offer to the borrower with a limited time to respond. Borrowers can be directed to a dedicated toll-free number or Web site for final processing.
- Fulfillment – When a borrower agrees to the refinance, LPS can upgrade the qualification data into the required valuation, title and flood products. LPS can then assist with closing the loan via either a Web-based closing or a mail-away program.
Values and Benefits
LPS’ RediRefi helps servicers successfully manage critical functions at every point of the refinance process through the following benefits:
- Reduce costs and improve conversion ratios by identifying the right borrowers within your portfolio that are eligible for refinance.
- Improve call center efficiencies by correctly managing inbound and outbound contact channels to drive borrowers to the staff that can help – the first time.
- Avoid the time and cost of training your FTEs and keep them focused on other revenue-generating areas of your business.
Contact us today at 800.991.1274 or mortgage.marketing@lpsvcs.com to learn how RediRefi can help you protect your assets and revenue by choosing the right refinance candidates and closing refinance loans faster.