Stressed Servicing Sector Finds Relief in .Net Technology.(MortgageFlex Systems Inc.)

James Dowell is executive vice president and chief operating officer of MortgageFlex Systems Inc., a mortgage technology innovator, headquartered in Jacksonville, Fla.

Servicing technology's longstanding, second-class status is not likely to last much longer as more agile systems arrive in the sector and serious pressure from a rising rate environment comes into play.

A conservative bent among most large servicing operations until now has prevented any major changes in the high-maintenance, 30-year-old servicing systems used by most companies. But weaknesses have become apparent in the last few years.

Just as front-end products have evolved to meet current consumer needs, back-end procedures are taking a great leap forward, powered by new, Web-based (Microsoft .Net) technology.

These new, agile servicing systems provide an array of flexible options that enable servicers to solidify their customer base with a true, customer-centric approach (built around what we call a "customer information file").

Fidelity & Trust Mortgage, Chevy Chase, Md., recently began using this Web-based technology, which appealed to them "because of its seamless integration with origination," according to Mike Wallace, F&T's manager of servicing.

The company went live this month with the MortgageFlex LoanQuest Servicing system, after adding numerous features that will provide a custom-fit for its servicing needs.