REPAY Forms Advisory Board to Encourage Mortgage Transfer Payment Standards and Best Practices
Steady rise in mortgage service transfers between lenders prompts need for leadership to streamline the process across the mortgage industry
Charter members include representatives from:
REPAY’s Ventanex business unit coordinates the STX network, which automates payment processing and routing between mortgage servicers. “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
STX eliminates many labor-intensive steps during the 60-day consumer grace period when the transferring servicer must ensure delivery of missent borrower payments to the receiving servicer. The current process of physical check processing, manual data entry and analysis and shipment processing is cumbersome and error prone.
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REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for merchants, while enhancing the overall experience for consumers and businesses.
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