Accounting and Financial Software
Financial Software automates loan servicing process.
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Press Release Summary:
Designed for Interlinq® Loan Servicing system, Service Release Module supports sale of loans by batch to each purchasing company. Users can avoid re-keying loan information by importing data from Microsoft® Excel® spreadsheets, text files, or Microsoft Access® databases. Once batch sale is processed, general ledger entries are automatically created for various loan balances, fees, and adjustments for export to accounting system.
Original Press Release:
Harland Financial Solutions Streamlines Mortgage Servicing Releases
New Service Release Module Simplifies Processes and Controls Risk
Lake Mary, Florida (October 15, 2007) - 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."
