The payments landscape is constantly evolving, particularly with the rise of digital payment technology. Aside from the improvements it brings to servicers and their back-office operations, it's also revolutionizing borrowers' mortgage servicing experiences.
For years, the only options for mortgage borrowers to pay was by using paper checks and bank transfers or visiting physical locations. However, with the rise of debit card acceptance, they can use their debit cards to submit payments from anywhere and at any time, even at the last minute. This ultimately reduces costs servicers incur from check tracking and processing, along with lowering instances of late payments and insufficient funds.
Thanks to the rise of debit acceptance in the mortgage industry, servicers now have greater control and ease over when and how these payments happen. Borrower demands and expectations have created the need for greater convenience, accessibility, flexibility and security –– all of which come with implementing digital payment solutions.
What Borrowers Value
So what experience do borrowers expect? They value convenience, control and security throughout their interactions with servicers and will seek different options if their servicer doesn’t provide them.
By offering a range of methods, such as online portals, mobile apps or IVR, servicers ensure that borrowers can choose the most convenient and accessible way to make payments using a debit card or ACH. This empowers borrowers with greater speed, efficiency and financial control, allowing them to align their payment methods with their budgeting strategies. Additionally, diverse payment options facilitate timely payments, helping borrowers avoid penalties and maintain good financial standing.
Types of Mortgage Payment Solutions
Self-service payment tools remove manual processes from payments. Each payment solution below can help borrowers manage, understand and pay their loans while enhancing the overall experience.
Online portals enhance the borrower experience by providing convenience, transparency and self-service capabilities. From any internet-enabled device, borrowers can access their mortgage account information and make ACH, debit card and digital wallet payments anytime and anywhere. In addition, the user-friendly interface streamlines mortgage-related tasks, eliminating the need for physical visits or traditional communication methods.
These portals also facilitate secure transactions thanks to their robust encryption capabilities to safeguard sensitive borrower information, giving them peace of mind and protecting them against fraud. REPAY offers a PCI-compliant online portal where servicers can customize their online portal with their branding for borrowers to access their mortgage statements, view payment history and more.
As the popularity of mobile payments continues to soar, mobile apps have become a valuable tool for meeting borrowers' needs. By downloading a mobile app from their phone's app store and setting up an account, borrowers can make payments, access account information, and more from their daily devices.
For example, mobile apps enable borrowers to make mortgage payments using their debit card or ACH seamlessly. Apps also have convenient features that allow borrowers to save their preferred payment methods, access realtime payment histories, set up recurring payments and enable push notifications so they don’t forget about upcoming payments. For added convenience, REPAY can easily integrate with your existing mobile app.
Interactive Voice Response (IVR)
IVR is a payment solution that provides borrowers with convenience and security. Accessible 24/7, borrowers can make payments over the phone using their debit card or banking information without needing live agent assistance. All they need is their account information, such as their loan number, to locate their account. Since there's no exchange of sensitive data with a live agent, borrowers can feel confident that their financial details are protected. Furthermore, IVR systems use encryption and advanced security protocols to keep transactions safe and secure.
REPAY offers an IVR option that servicers can easily and quickly set up, extending their operating hours without human intervention and enabling borrowers to conveniently make payments.
Improve the Borrower Experience with More Payment Channels
Embracing digital payment technology is crucial as you work to improve the borrower experience. By leveraging online portals, mobile apps and IVR systems, along with debit card support, you can provide various payment channels that cater to their preferences and needs. With more convenient payment options at their fingertips, they can make more timely payments and maintain good financial standing, ultimately increasing your bottom line.
If you're ready to enhance the borrower experience and drive business growth, take a look at what mortgage payment solutions REPAY has to offer.