In today’s mortgage environment, servicers need timely access to critical loan events. Polling for data changes is inefficient and while file transmissions or queues driven from overnight reports are helpful, neither addresses the need for more immediate loan event information and reduced latency. ICE Servicing Events provides near-real time information about critical loan changes. Offered as a subscription service to users of the MSP® loan servicing system and other ICE servicing solutions, Servicing Events supports the automation of critical business processes, which helps servicers increase operational efficiencies, improve customer service, reduce timelines to complete business processes and support regulatory compliance.
What is a servicing event?
A servicing event is a meaningful change in the state of a business object (such as a loan, customer or property) at a particular point during the servicing process that is being tracked within a system of record, e.g. MSP, Bankruptcy/Foreclosure, Loss Mitigation, Servicing Digital, and others. When such an event occurs, a near-real time push notification is sent to all interested parties who are subscribed to the event.
A Servicing Event notification contains data to tell you:
- What happened
- When it happened
- What was changed
- Who made the change
Adjust Quickly to Business Conditions
The Servicing Events solution monitors ICE’s servicing systems, detecting changes as soon as they occur, and notifying other systems immediately. Subscribers to events can use the notifications and configure their systems to help avoid unnecessary actions – such as calling a delinquent borrower who just made a payment, or starting a foreclosure process while a modification is being discussed.
The notifications, which are delivered in a JSON format, allow the workflows within your systems to respond in near-real time without requiring constant polling for changes on the loan.
Benefits and Features
- Adjust workflows in real time and maintain greater control over critical business procedures
- Automate processes to minimize manual involvement
- Improve operational efficiency and effectiveness
- Reduce unnecessary work and third-party requests
- Support regulatory compliance
- Choose from a robust library of events
How the Servicing Events Solution Works
- Clients subscribe to a notification based on selected business events. These subscriptions can be further refined through rules-based filtering so clients can focus on only the critical activity that matters to them.
- The business-critical change/event is captured within ICE servicing systems such as MSP, Bankruptcy, Foreclosure and Servicing Digital data.
- Data is securely encrypted, both at rest on our servers as well as in transit.
- All subscribers of a particular event receive the notification.
Example use cases
- You have an application that manages customer communications, and it needs to be aware of changes in contact information such as the borrower’s email address. A customer service representative, at the request of the borrower, updates an email address in MSP. Servicing Events detects the change and pushes a notification to you containing the loan number, the old and new email address, as well as who made the change and when it was completed.
- You have processes external to servicing that are impacted by completion of work items in the Bankruptcy system. Servicing Events detects the completion of certain step codes and creates a notification.
- Servicing Events can notify other processes of the change in SCRA (Servicemembers Civil Relief Act) such as when protection dates are entered or updated to assist in avoiding regulatory violations.