From origination to payoff, loan servicing and financial monitoring can be accessed via a single-login experience for increased control and visibility
Haven, a fintech servicing technology platform, today introduced Haven Wallet, the latest addition to the company’s product suite that unlocks value for the mortgage industry and to date has generated a 2x increase in recapture for its partners. Haven Wallet is a turnkey, digital experience that allows mortgage originators to address the ~$14T of outstanding debt represented by the mortgage servicing market, by providing unique borrower engagement opportunities after a loan is sold. The new product is designed to help foster an ongoing relationship with borrowers, positioning originators as the primary financial partner throughout a mortgage’s duration.
Haven Wallet simplifies the mortgage closing and servicing transfer processes and equips borrowers with a robust set of financial monitoring tools. Borrowers access a one-time setup to pay their mortgage and receive a consistent experience for the life of their loan, while servicing transfers happen behind the scenes thanks to Haven’s integration across multiple servicers.
“According to JD Powers, loan transfers destroy borrower satisfaction, with only 15% of transferred customers saying they are “very likely” to consider using the original lender in the future. Also, overall customer satisfaction in the mortgage originator drops by more than 20% when the loan is transferred, and customer trust in the mortgage servicer drops by 22% when the loan is transferred to a servicer different than the originator,”1 said Daniel Wallace, CEO of Haven. “By seamlessly handling servicing transfers, Haven Wallet works with originators and servicers to add clarity and consistency to the borrower’s servicing experience, ultimately empowering mortgage brands to serve as the single, trusted login for all of their borrowers’ financial needs.”
Read More : AI’s Impact on Emerging Risk Management Trends
When selling the right to collect mortgage payments, known as Mortgage Servicing Rights (MSR), originators gain access to necessary, up-front liquidity. However, the process introduces numerous pain points and often forces originators to part with their greatest asset: the borrower relationship. Additionally, third parties that purchase these relationships are incentivized to squeeze out the originators they rely on for customer acquisition. With Haven Wallet, originators are no longer forced to sell the customer relationships they’ve worked hard to develop, instead gaining the invaluable opportunity to serve as a long-term fintech brand for their borrowers.
In addition to helping originators, servicers, and subservicers optimize their MSR, Haven Wallet benefits investors by providing access to an active marketplace of originators seeking liquidity opportunities. The product motivates borrowers to maintain lifelong relationships with originators by delivering the following key features:
- Embedded Servicing: A unified platform for mortgage payments that adjusts to servicing changes as needed, Haven Wallet only needs to be set up once, with future servicers added automatically.
- Financial Monitoring: Haven Wallet offers free monitoring and analysis of critical loan and wealth factors – including payments, interest rates, escrow and equity – to help borrowers optimize their home’s financial benefits and identify opportunities for growth and refinance.
- Solution Marketplace: By consolidating all affiliated partners, Haven Wallet streamlines the process of finding services related to homeownership and family finances.
- Lender-in-the-Loop: Haven Wallet allows borrowers to easily stay in contact with their lender and loan officer about their current mortgage, future mortgage(s) and other financial opportunities.
The launch of Haven Wallet comes during a period of steady growth for the company. In 2023, Haven was named a Tech100 Mortgage winner and appointed Wallace as its CEO. Earlier this year, Haven’s co-founder and Chief Product Officer Jonathan Chao was named a 2024 Rising Star by HousingWire. The company was also recently recognized as “Digital Mortgage Innovation of the Year” in the fourth annual PropTech Breakthrough Awards.
Read More : Global Fintech Series Interview with Christy Johnson, Chief Product Officer at Versapay
[To share your insights with us, please write to psen@itechseries.com ]
