EMC Mortgage Servicing Strategies

2008-11-19 15:27:10

( Financial )



Background of EMC

EMC Mortgage Corporation is a wholly-owned subsidiary of JP Morgan, and specializes in residential loans to consumer markets. The company has offices in Texas and California, and currently has a portfolio of over 480,000 loans.

EMC's mortgage banking management and staff are among the most experienced in the country. Because of this, the company has been able to maintain favorable ratings with Standard and Poor, Fitch and Moody. EMC has attributed its favorable ratings to its own excellent debt servicing practices such as its collections and compliance with government regulations. Several effective EMC mortgage servicing strategies have been implemented to prevent untoward incidences of foreclosures or other debt problems.

Quality Customer Service

EMC mortgage servicing begins with proper handling of customer concerns. EMC makes sure that its customers get the best quality loan services. The company informs its customers thoroughly on policies regarding payments and documentary requirements. EMC customers can keep informed about their own loan status, particularly due dates and outstanding balances which they can access online. The company also maintains a customer relations management group that assists customers with any loan-related problems. All incoming and outgoing calls are screened and monitored to observe quality, especially the ability to address customer complaints.

Payment and Billing Statement Practices

A crucial part of EMC mortgage servicing strategies is proper processing of billing statements and customer loan payments.

Billing statements are prepared and sent to customers every month in a timely manner. These statements contain detailed information about the customer's loan, including exact amounts of principal, interest, taxes and other items. In case you failed to receive your monthly billing statement, you can view it online through a secure website. Part of EMC mortgage servicing policies is to inform customers about various payment options and how each option might affect future loan balances.

Payments are processed exactly on the dates they are received and identified. In case there are identification problems, the company's mortgage servicing software makes it possible to backdate payments to the exact dates received once they are identified.

Maintaining Adequate Insurance Coverage

EMC monitors its loan accounts to make sure that mortgaged properties are properly protect by hazard and other home insurance policies. EMC encourages its customers to get proper insurance coverage promptly. If possible, EMC goes the extra mile to contact the customer's insurance agent to expedite insurance coverage and completion of documents.

EMC Mortgage Servicing Strategies for Home Retention

EMC wants to prevent foreclosures long before these become realities. The company works closely with customers to make sure that they don't fall behind in their payments.

In case a customer faces such problems, EMC's home retention specialists will evaluate the loan to explore all possible options for the customer. The company encourages the customer to come up with an alternative repayment scheme rather than face foreclosure.

The company also maintains an alliance with a non-profit credit counseling services group to help its troubled customers. This service is free to EMC customers.


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