During the last decade, the servicing industry has gone through various changes due to the financial crisis that occurred in the year 2008. There was an increased number of delinquent borrowers which required assistance, on the other hand expectations from the mortgage servicers were boosted by consumers, investors, and regulators.
Besides the new regulatory standards at the state & federal levels and developments to operational, capital & liquidity requirements from investors, recent calls have been made for the additional regulation. Responding to the growing demand, mortgage servicers have strengthened their practices and are assuring quality to the customers in order to remain compliant. While some of the servicers have extensively struggled to lessen the servicing cost through technological innovation, many remain challenged by the legacy systems that are time consuming and imposes costly changes to fit into the latest requirements and servicing standards of the industry. Therefore, to manage the economics of servicing has turned to be a challenge for the mortgage servicers.
Considering these offsets and challenges, as a technology-driven solutions provider SLK Global Solutions realized that servicers can be empowered with a much better solution to overcome these challenges. Backed by 16 years of domain expertise, the company narrowed its vision to simplifying tax servicing and thereby have developed a robust technology platform for Real Estate Tax Service that can be customized to servicer’s business needs as well enable them to pay as per their lending habits and portfolio attributes. This not only allows the servicer to make enhancements and modifications to the platform but also leverage a client specific payment model. This solution is applicable for Residential & Commercial Mortgage Servicers, Regional Banks, Credit Unions, Asset Management Companies, Retail Chains and REITs.