Seamless Mortgage Service Transfers
Receiving accurate payments after a mortgage service transfer isn’t always a smooth process. Borrowers get busy and forget to open the mail, missing important notices. And for 60 days, servicers are on the hook for getting missent paper and electronic payments rerouted and applied to the new accounts. We designed Service Transfer Exchange SM (STX) to lessen the transfer burden by automatically routing mortgage payments to the new servicers, saving you time, money, and errors.
It’s Time for STX!
Getting service transfers right has never been more important given today’s booming mortgage market. STX eliminates the time-consuming, labor-intensive inefficiencies of manual payment processing to help you keep up with market demand.
Now when a borrower sends a payment in error to their old servicer, either by mail or bill pay, STX automatically routes the payment to the new servicer via REPAY’s payment, exception management, and messaging platform. STX conveniently tracks each payment, creates auditable reports, updates the servicing platform, and even sends automatic reminders to borrowers by text, email, or letter!
Seamless for Servicers
- Time Savings
- Increased accuracy
- End-to-end tracking
- Online reporting
- Automated borrower reminders
Better for Borrowers
- Peace of mind
- Accurate payment posting
- Timely reminders
- Avoidance of misapplied late fees
- Fewer calls needed to servicer
Designed by Industry Experts
STX is guided by an expert board of advisors from across the mortgage and financial technology sectors. Together we are creating standards that help transactions move more quickly and accurately between transferring and receiving servicers.