LoanCare Unveils Innovative New Servicing Division for Distressed Loans - Velocity Servicing™

LoanCare has launched a new division, Velocity Servicing, aimed at enhancing the management of distressed mortgage loans.

Rhea-AI Summary

LoanCare has launched a new division, Velocity Servicing, aimed at enhancing the management of distressed mortgage loans. This division focuses on providing a one-stop solution for credit-sensitive loans by utilizing advanced data analytics to expedite the resolution process. Velocity Servicing promises faster returns on investments by closely managing borrower relationships and providing transparency in servicing performance. With a dedicated team experienced in loss mitigation and a robust analytics platform, LoanCare aims to help clients achieve better resolution times and significant reductions in financial losses.

Positive

• Launch of Velocity Servicing to improve management of distressed loans.
• Utilizes advanced data analytics for faster resolution and higher ROI.
• Focus on personalized service and transparent borrower relationships.

Negative

• None.

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New Division offers "Special Servicing at Scale," Helping Reduce Financial Losses, and Maximizing Return on Investments

VIRGINIA BEACH, Va., March 16, 2023 /PRNewswire/ -- LoanCare, LLC, a top U.S. mortgage subservicer, today announced the launch of Velocity Servicing™, an independently managed division dedicated to delivering one-stop resolution for credit sensitive mortgage loans by carefully managing the borrower relationship and providing  transparency into servicing performance.

Utilizing advanced data analytics, Velocity Servicing puts distressed mortgage loans on the path to resolution significantly faster than traditional servicing. By analyzing an intelligent network of triggers, exceptions, and conditions at the loan level, it achieves a consistent return on investment earlier in the process. In addition, the division works with clients on establishing portfolio goals and executing on a loan-by-loan disposition plan. Velocity Servicing can uniquely structure a solution tailored to a homeowner's situation, helping them understand their options and make decisions at a pace that puts both the homeowner and client at ease.

"At LoanCare, we are always looking for ways to improve portfolio performance and provide the highest level of service," said Dave Worrall, President of LoanCare. "Velocity Servicing is a major step forward in our commitment to improve asset performance through high-touch servicing while driving a higher ROI for mortgage investors."

Velocity Servicing offers clients the talent and process rigor proven to address the unique challenges of specialty loan servicing, along with the ability to leverage the scale of LoanCare, including its best-in-class compliance processes, risk management infrastructure, and proprietary data analytics platform which monitors and predicts risk and opportunity across a portfolio. The division has invested in and developed tools specific to this strategy, such as Portfolio Arc™, a robust loss mitigation data model.

"The Velocity Servicing team has deep loss mitigation experience along with the expertise and personalized service skills necessary to turn distressed loans into performing assets," said Matt Stadler, President of Velocity Servicing. "The partnership between Velocity and LoanCare creates a unique offering in the servicing space, delivering our partners better resolution times with significant reduction in losses. Together, we help our clients turn distressed loans into performing loans faster."

For more information about Velocity Servicing, visit velocity.loancare.com.

About LoanCare
LoanCare is a top national provider of full service, component, and interim mortgage loan subservicing. The company is known for delivering a superior customer experience through personalization and convenience. Its proprietary portfolio management platform, LoanCare Analytics™, identifies risk and opportunity quickly to enable smarter decisioning across the servicing spectrum. For over 30 years, LoanCare has been servicing loans for banks, credit unions, independent mortgage companies and portfolio investors. LoanCare is part of Fidelity National Financial (NYSE: FNF), a Fortune 500 company and leading provider of title insurance and transaction services to the real estate and mortgage industries. For more information, visit www.loancare.com. 

View original content:https://www.prnewswire.com/news-releases/loancare-unveils-innovative-new-servicing-division-for-distressed-loans--velocity-servicing-301774125.html

SOURCE LoanCare

FAQ

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What is Velocity Servicing launched by LoanCare on March 16, 2023?

Velocity Servicing is a new division by LoanCare focused on managing distressed mortgage loans, utilizing data analytics for faster resolutions.

How does Velocity Servicing improve mortgage loan management for clients of LoanCare?

It provides tailored solutions for distressed loans, enhancing borrower relationships and transparency to maximize returns on investments.

Who is the parent company of LoanCare, which launched Velocity Servicing?

LoanCare is a part of Fidelity National Financial, which trades under the ticker symbol FNF.

What benefits does Velocity Servicing offer to mortgage investors?

Velocity Servicing aims to reduce financial losses and improve asset performance through high-touch servicing and efficient data-driven strategies.

When was the Velocity Servicing division officially announced?

Velocity Servicing was announced on March 16, 2023.