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REPAY, a provider of vertically integrated payment solutions formed an advisory board to develop guidance for its Service Transfer Exchange solution, according to a press release. The board features mortgage industry experts and representatives from LoanCare, loanDepot, RoundPoint Mortgage Servicing, Shellpoint Mortgage Servicing, PHH Mortgage and US Bank.
"Our advisory board members recognize the challenges of service transfers and are stepping up to help shape standards that will improve the process for servicers and their customers," said Todd Harbison, REPAY vice president and current moderator of the board.
According to the release, the STX seeks to eliminate labor-intensive steps during the 60-day consumer grace period when the transferring servicer must ensure delivery of missent borrower payments to the receiving servicers.
The board will be responsible for designing and promoting the implementation of operating standards to ensure consistency, recommend enhancements to products and services to improve workflow and promote participation and adoption throughout their networks, according to the press release.