When one of the nation's top 25 financial services providers decides to upgrade its mortgage processing services, there's usually a good reason. For Regions Mortgage, it was to gain access to the industry standard in loan servicing technology.
Regions, based in Birmingham, Ala., has entered into a strategic relationship with Alltel, a provider of mortgage loan automation systems. (Editor's Note: Alltel sold its mortgage servicing division to Fidelity National Financial Services after this story was reported.)
Regions will utilize Alltel's comprehensive Mortgage Servicing Package (MSP) and integrated client-sever products to service mortgages. The mainframe-based MSP gives mortgage lenders the ability to automate all areas of loan servicing, including loan setup and maintenance, customer service, administration, investor accounting, default management, corporate accounting, and federal regulatory reporting.
MSP will provide automation for a wide range of loan products, including fixed-rate mortgages, adjustable-rate mortgages, construction loans, equity lines of credit, and daily simple interest loans.
"Alltel was willing to work with us to support our business model and help us provide our customers with superior service, while at the same time assist in our focus on growth goals," said Steve Fowler, senior vice president and loan operations manager at $47.4 billion Regions Mortgage.
"We were particularly impressed with the conversion process and the training Alltel provides," said Fowler. "Plus, the system is more user-friendly than others that we reviewed."
The system is scheduled to go live in August, with full conversion to be completed by the end of the year.