Harland Financial Solutions Streamlines Mortgage Servicing Releases
New Service Release Module Simplifies Processes and Controls Risk
Lake Mary, Florida (February 26, 2008) – Delivering mortgage providers another method to save significant time during the loan servicing process, Harland Financial Solutions today announced the availability of its new Service Release Module for the Interlinq® Loan Servicing system. By eliminating several manual tasks, the new application further automates loan servicing for increased customer service and cost savings.
To streamline servicing releases, the Service Release Module supports the sale of loans by batch to each purchasing company. By importing data from Microsoft,® Excel® spreadsheets, text files, or Microsoft Access® databases, servicers can avoid re-keying loan information and associated errors. Once the batch sale is processed, general ledger entries are automatically created for various loan balances, fees and adjustments to export to the accounting system, saving additional manual entry. Based on servicer criteria, the system also creates goodbye letters and follow-up ticklers.
“The Service Release Module for Interlinq Loan Servicing helps the mortgage industry improve productivity while mitigating risk,” said J.R. Clemons, president of risk management and compliance solutions for Harland Financial Solutions. “Mortgage providers now have a viable option for automating the release of loan servicing.”
Operational risk is managed through checks and balances defined in the Service Release Module. The system amortizes loans forward to help ensure balances are correct when calculating on a future date. Tolerances for variations from the purchase advice, such as for the principal or escrow balance, can be set to automatically generate errors and warnings that must be overridden or addressed before the sale can be processed. System reports also provide audit capabilities, such as the ability to track trailing payments.
“We have found that the Interlinq Loan Servicing system helps mortgage servicers reduce their labor and technology costs,” continued Clemons. “The new Service Release Module stands to only supplement those savings.”
About Harland Financial Solutions
Harland Financial Solutions, Inc. (www.harlandfinancialsolutions.com) is a wholly-owned subsidiary of Harland Clarke Holdngs Corp. and M & F Worldwide Corp., (NYSE: MFW). The company supplies software and services to thousands of financial institutions of all sizes, offering its solutions in both an in-house and service bureau environment. It is a leader in core systems, item processing, enterprise content management, branch automation, customer relationship management, business intelligence, origination and document solutions, risk management, compliance training, financial accounting, open documents, mortgage solutions, electronic funds transfer (EFT), electronic banking and advisory services.
The information contained in this press release is accurate at the time of publication. However, service offerings and availability, relationships, contacts and other specified information may change over time.