There are several factors that can help you determine when and if you should service your loan or lease portfolio in-house or outsource it to an established partner. Compliance, scalability, and timing all come into play when making this decision.
Growing with Your Portfolio
Servicing your portfolio in-house is practical up to a certain size and diversity. However, as your business grows, so do the complexities of portfolio management. Without a well-established servicer, you could encounter considerable time, human, and financial costs—both initial and ongoing. Additionally, your portfolio needs uninterrupted servicing while you build the necessary infrastructure. Do you have the resources to manage both effectively?
Value of Outsourced Expertise
It’s important to recognize the complexity of setting up a successful servicing endeavor. While hiring an established portfolio servicing partner is an investment, developing the necessary staff, departments, procedures, and facilities in-house can be far more costly if it is not your business’s specialty. Effective loan portfolio servicing requires a cohesive effort from multiple departments, and Vervent’s team offers turnkey solutions to deliver exceptional customer service, maximize returns, and minimize risk.
Risking non-compliance also has a significant cost, as fines from regulatory agencies continue to rise. Are you prepared to develop the systems, teams and strategies required to maintain compliance?
Robust Compliance
When you outsource your financial servicing, the servicer takes on the responsibility of adhering to the ever-changing compliance regulations that can differ as granularly as county by county. Vervent has dedicated compliance and legal teams to keep up with current laws, technology and updates from regulatory bodies.
Our expertise, together with technology and platform-wide artificial intelligence, allows Vervent to navigate the dynamic landscape of compliance with precision and efficiency.
Geo-Diverse Locations
Each of our locations is expertly designed to house multiple business functions and on-site management. Built from the ground up, these centers equip our well-informed agents—who possess a deep understanding of our business, your business, and your customers—with the tools for success. Specializing in effective ACH-recruiting, our agents enhance your portfolio’s performance while reducing delinquencies and defaults.
Having a staff specifically trained to address your business needs can be the difference between retaining and losing a customer. Our outsourced agents are experienced, bi-lingual and bi-cultural, allowing for greater adaptability for your business needs. Vervent has six strategically located operations centers with 99.5% uptime and are highly disaster-averse to allow for extended hours and diverse recruiting pools. Because our solutions are spread across multiple locations and our technology is cloud-based, we can seamlessly continue servicing your customers even in the event of an emergency.
Ready to Outsource?
With 35+ years of experience, we’ve refined our expertise and cutting-edge technology to meticulously assess, implement and execute every facet of your service and support needs. Don’t waste valuable time on a learning curve; we’re already experts at loan and lease servicing and serve as an extension of your brand so you can spend your time more focused on your core strengths.
To learn more about Vervent’s loan servicing, contact us today at 888.486.2509 or [email protected].
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