GCC Servicing Systems, a provider of mortgage servicing technology and solutions, has announced the addition of its Unapplied Payment Tracking Module (UPT) to its Professional Services Suite in order to assist mortgage bankers and servicers with the processing of electronic payments. The UPT Module enables servicers to quickly and accurately handle electronic payment errors. Through a workflow system, the payment errors are routed to the designated departments and employees for correction. The UPT Module is customizable for each company’s payment rules and can also be used to track errors that come from online bill payment programs, as well as rejected manual payments.
“As consumers continue to move their financial management online, it is important for mortgage loan servicers to be prepared to handle electronic payments,” said Glenn Liebowitz, president of GCC. “The Unapplied Payment Tracking Module was created to help our clients manage electronic payments that present processing issues. Errors typically occur with electronic payment such as from a Lock Box and our clients need to cut down on the time payments sit in limbo waiting to be cashed and applied. The UPT Module helps streamline these payments and assists users in quickly deciding how the payment should be processed, thus saving our clients time and money.”
The Unapplied Payment Tracking Module is the newest of GCC’s stand-alone modules that also include Collateral Tracking and Final Docs. The stand-alone modules are cost-effective ways for servicers to integrate useful technology into their existing processing systems.
GCC’s G/SERV is a comprehensive platform that automates all functions of loan servicing, including loan set-up, cash management, escrow and insurance administration, investor reporting and accounting, default management and federal and state reporting.
For more information, visit www.gccservicing.com.