New Jersey-based residential mortgage provider PHH Mortgage, has partnered with Pennsylvania-based software company Savana, Inc., for the deployment of its new automation solution for the Single Point of Contact (SPOC) process.
"The mortgage industry is going through unprecedented challenges driven by changing regulatory and consumer demands. The technology hasn't kept up and needs to be transformed in order for the industry to support these demands. We are honored that PHH agreed to be our launch partner for this component of our next generation mortgage solution," said Michael Sanchez, CEO of Savana.
According to their press release in Business Wire, the SPOC program was made to assist customers experiencing financial hardships to avoid foreclosure when possible. With this new automation solution, case managers of PHH SPOC can deliver proactive and accurate communication throughout the loan modification and short sale processes. In addition to the unified desktop that combines information from other systems and updates them automatically, the PHH SPOC solution also automatically allocates work to the right people or sub-systems at the right time, basing from business rules and prompt events, to create a well-organized and accommodating process flow.
"We are continuously looking for opportunities to enhance the level of service that we provide to our borrowers, in particular, delinquent borrowers who need our help staying in their home," said Martin Foster, Senior Vice President of Servicing at PHH. "In addition, we wanted a solution that could ensure continued regulatory compliance while having the flexibility to adapt to future regulatory and market requirements. Savana has delivered on these requirements."
PHH Mortgage is a subsidiary of the PHH Corporation and is one of the leading providers of end-to-end mortgage solutions. PHH Mortgage provides value-added mortgage solutions to wealth management firms, banks, credit unions, real estate companies, relocation professionals, as well as directly to consumers.
Savana, Inc., founded in 2009, is a software company that offers a comprehensive range of business process management and customer interaction management solutions, focused around the unique needs of the financial services industry and their customers.
