Partners with Savana, Inc. for a rules based workflow system that delivers an efficient and compliant Single Point of Contact solution for its loss mitigation operations
Mount Laurel, New Jersey – January 8, 2016 – PHH Mortgage (“PHH”), one of the largest providers of residential mortgages in the United States, today announced the successful deployment of a new automation solution for its Single Point of Contact (SPOC) process. PHH partnered with Savana, Inc., a software company that offers a suite of advanced mortgage solutions called nGage. The new system automates hundreds of rules and processes that govern the SPOC loss mitigation operations.
The objective of the SPOC program is to assist customers experiencing financial hardships to avoid foreclosure when possible. The solution enhances the ability of PHH SPOC case managers to deliver proactive and accurate communication throughout the loan modification and short sale processes. An informed consumer will more quickly navigate the various complex options and achieve a higher level of satisfaction.
“We are continuously looking for opportunities to enhance the level of service that we provide to our borrowers, in particular, delinquent borrowers who need our help staying in their home,” said Martin Foster, Senior Vice President of Servicing at PHH. “In addition, we wanted a solution that could ensure continued regulatory compliance while having the flexibility to adapt to future regulatory and market requirements. Savana has delivered on these requirements.”
The PHH SPOC solution automatically distributes work to the right people or sub-systems at the right time based upon business rules and trigger events to create an efficient and compliant process flow. The solution provides a unified desktop which consolidates information from other systems and updates them automatically as needed.
“The mortgage industry is going through unprecedented challenges driven by changing regulatory and consumer demands. The technology hasn’t kept up and needs to be transformed in order for the industry to support these demands. We are honored that PHH agreed to be our launch partner for this component of our next generation mortgage solution,” said Michael Sanchez, CEO of Savana.
About PHH Mortgage
Headquartered in Mount Laurel, New Jersey, PHH Mortgage Corporation, a subsidiary of PHH Corporation (NYSE: PHH), is one of the largest originators and servicers of residential mortgages in the United States. The company originated approximately $36 billion of mortgage loans in 2014 and maintained a total loan servicing portfolio of approximately $227 billion with over 1.1 million customers as of December 31, 2014. PHH Mortgage is dedicated to responsible and ethical lending and servicing practices and offers mortgage solutions to wealth management firms, banks, credit unions, real estate companies, relocation professionals and directly to consumers. For additional information, please visit the Company’s website at www.phh.com.
Savana, Inc., headquartered in Berwyn Pennsylvania, is a software company focused on delivering advanced automation solutions to the mortgage, retail banking and payments industries. Since its founding in 2009, Savana has delivered mission critical applications to some of the largest financial institutions in the United States.