Mortgage servicing is the process of collecting monthly loan payments and managing the borrower’s annual taxes and insurance premiums using their escrow accounts. This process begins after the mortgage loan closes and funding is completed. Mortgage servicers rely on dedicated mortgage servicing software to automate and manage these ongoing tasks at scale.
MSP® Mortgage Servicing Software
The complete loan servicing solution
MSP®, ICE’s end-to-end mortgage servicing system, is the definitive choice for mortgage servicers to optimize operational productivity, maximize business growth and effectively manage risk and compliance efforts with confidence. MSP’s best-in-class capabilities offer servicers of all sizes a complete loan servicing system to tackle the challenges of today’s evolving and highly competitive mortgage industry landscape.
Key benefits
More servicers choose MSP than any other loan servicing software
MSP helps achieve business objectives with powerful capabilities that optimize each step of the loan servicing lifecycle. By using exception-based processing, MSP automates routine tasks so employees can focus only on work items that need manual attention, helping servicing teams manage higher volumes per employee and keeping the focus on the homeowner.
Committed to compliance
ICE actively monitors and updates MSP to help servicers address their evolving federal servicing requirements.
Focused on customer satisfaction
MSP’s integrated customer facing solutions are designed with the borrower in mind to help servicers deepen relationships and cultivate loyalty.
Dedicated to continuous innovation
Enhanced using artificial intelligence technologies, MSP mortgage servicing software allows servicers to automate processes and deliver modern experiences for homeowners.
Backed by an expert team
MSP is backed by a team of industry experts that provide customer support and superior expertise to maximize ROI.
Core capabilities
One platform to support diverse servicing portfolios
MSP is a loan servicing system built for a broad range of servicing loan types and can help handle servicing needs for nearly every type of loan, including home equity loans, consumer loans, deferred interest loans, balloon loans and more.
Supported loan types:
- Conventional loans
- Government backed loans
- Agency loans (FHA, VA, USDA)
- Bond loans
- Construction only and perm
- Land only
- Manufactured housing
- Prefabricated/modular housing
Supported loan types:
- Second lien loans and piggy backs
- Fixed rate options
- Rate lock
- Promotional interest rates
Supported loan types:
- Fixed rate
- Adjustable-rates
- Daily simple interest
- Interest only (ARM & fixed)
- Payment option ARMs
- Deferred interest
- Balloon loans
- Multiple payment frequencies
Supported loan types:
- RHA
- Housing authorities
- Sharia/Islamic lending
- Hacienda integration
- Reverse mortgages (default)
- Rehab & renovation loans
- Green mortgage loans
MSP simplifies the back-office experience
With a modern, intuitive user experience, MSP users can get more work done with fewer clicks.
Customer experience
Advanced capabilities for an unparalleled customer experience
Customers want quick and simple access to their loan and property-related information – anytime, anywhere. MSP integrates with ICE Servicing Digital, a consumer-facing native app and responsive web solution, to give borrowers 24/7 access to highly personalized home, loan and neighborhood information. And when borrowers call for support, ICE Customer Service quickly provides your agents with relevant information about the customer’s loan, helping them efficiently resolve many issues in just one call.
Operational efficiency
Do more with the team you have
Our loan servicing software, MSP, is continually enhanced to deliver the latest advancements in digital technology, workflow automation and decisioning capabilities. Supporting efficient processing from loan boarding to disposition, MSP helps your back-office teams work seamlessly across functional areas to drive performance, reduce costs, and improve communication and collaboration.
System integrations
The right technology, right when you need it
MSP supports several types of integrations, including digital application programming interface (API) integrations, so users can rapidly access data and services. Servicers can also leverage the ICE InterChange Services electronic data interchange (EDI) network, with more than 400 providers already integrated to ICE's servicing technologies.
Default
Intelligent solutions for each step of the default lifecycle
ICE’s default solutions help servicers streamline the default process for loss mitigation, bankruptcy, foreclosure, claims and more. Featuring secure and flexible integrations, ICE’s configurable default capabilities help servicers navigate complex and oftentimes extensive default workflows while providing secure communication with attorneys, title vendors, notaries and more.
eBook
The strategic servicer’s playbook: Four ways to fortify your servicing operations to adapt to any market
Read our complimentary eBook to explore four ways servicers can strategically uncover opportunities to adapt to the market’s ebbs and flows – and delight customers while driving repeat business with modernized servicing technology.
Compare mortgage servicing software
More mortgage servicers choose MSP than any other loan servicing software. Here’s why.
MSP is used to service more active loans than any other mortgage servicing system in the industry. It supports a broad range of loan types aligning with servicers’ business model or operational strategy. When evaluating a mortgage servicing software, ask your current or prospective provider whether their system offers the following:
Does your servicing system offer these features? | MSP® Loan Servicing System |
|---|---|
End-to-end platform supporting each aspect of servicing, from loan boarding to default |  |
Ability to service both first mortgages and home equity loans on a single loan servicing system | |
Fully integrated servicing ecosystem that helps teams adapt to market conditions without adjusting headcount | |
API-first strategy so servicers can quickly implement new capabilities without tying up development resources | |
Consumer self-service features in a responsive web and native app, with the ability to proactively offer home equity loan options to qualifying customers | |
An integrated suite of default solutions covering loss mitigation, collections, invoicing, claims, bankruptcy and foreclosure | |
Integration with extensive proprietary data assets and mortgage-centric business intelligence to support retention strategies, lien tracking and industry insights | |
Integration with a value-added network of more than 400 third-party service providers | |
Centralized client support available 24/7 to answer technical questions | |
Highly trained implementation consultants with decades of domain and product knowledge | |
Industry-leading business continuity and disaster recovery plans | |
Seamless integration with your loan origination system (LOS) to fully automate loan boarding for newly originated loans | |
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MSP in the news
MSP® Mortgage Servicing System
Take your MSP experience to the next level
Leverage integrated servicing solutions to make smarter business decisions, lower costs and drive innovation across all your channels.
Automated Lien Release
Accelerates the lien release process by combining document creation and automated workflows into one solution.
Bankruptcy
A flexible, scalable solution that uses workflow and servicer-defined rules to automate bankruptcy-related tasks.
Claims
Streamline default-related claims processing by centralized claims information across payers into a single, user-friendly application.
Credit Bureau Management
Helps servicers reclaim critical time investigating and correcting credit disputes.
Foreclosure
A streamlined and scalable solution that uses workflow and servicer-defined rules to automate the various foreclosure-related tasks.
Invoicing
Web-based default application that helps simplify billing and invoice processes through automation.
Lien Alert
Efficient, cost-effective portfolio-monitoring solution delivering early notifications of critical property-, borrower- or mortgage-related events that could impact collateral supporting your loans.
Servicing Events
Receive immediate loan event information without polling for data changes or waiting for overnight reports.
Servicing Orders
Servicing Orders functions as the bridge between servicers and their approved providers for the ordering, tracking and fulfillment of servicing products.
Servicing Partner Success Program
The industry’s largest value-added electronic data interchange (EDI) network dedicated to the exchange of mortgage servicing data.
Frequently asked questions
What is mortgage servicing?
What is the difference between loan origination and loan servicing?
Loan origination is the process of obtaining a mortgage to finance a home. Mortgage servicing is the process of keeping borrowers in their homes after they close by managing monthly payments and escrow accounts for taxes and insurance. Each function is typically supported by its own dedicated technology: a loan origination system (LOS) for origination and a loan servicing system for post-close management.
What is a mortgage servicing system?
A mortgage servicing system is a software platform used by loan servicing companies to help them manage a borrower’s monthly mortgage payments. It also helps servicers pay the borrower’s annual taxes and insurance premiums on time by giving servicers tools they can use to track due dates, automate processes and manage escrow accounts. Read more to see what other tasks a mortgage servicing system can help servicers perform.
What is the difference between servicing a loan in-house and subservicing?
Loan servicing is the process of collecting monthly loan payments and managing the borrower’s annual taxes and insurance premiums using their escrow accounts. Subservicing is when a financial institution outsources some or all of the administrative loan servicing functions to another entity. Whether servicing in-house or through a subservicer, both models depend on a reliable loan servicing system to manage the full scope of borrower obligations. Read more about subservicing and how it compares to servicing a loan in-house.
What are the benefits of servicing a loan in-house?
While contracting with a subservicer can be an effective business model, there are several advantages to servicing the mortgages you originate in-house. The right loan servicing software gives in-house teams the tools to manage the full loan life cycle efficiently. When servicing a loan for the extent of its life cycle, servicers can:
- Reduce risk
- Improve the customer experience
- Increase the potential for repeat business
- Maintain a competitive advantage
Read more about the benefits of servicing a loan in-house, as well as why subservicing might be the right choice for some organizations.
What is the process for evaluating a new mortgage servicing system?
When evaluating a new mortgage servicing system, servicers will need to first consider the business objectives they want the system to help them achieve and whether that technology fits their budget. Second, they will want to go through process consultation with their technology provider. You can read more about both those processes here.
How much does a mortgage servicing system cost?
There are several factors that affect the pricing of a mortgage servicing system, including portfolio size, the solutions the servicer needs and more. Read some frequently asked questions that will help you understand how pricing works for mortgage servicing systems and how you can get the most from your investment.
What is included in the pricing of a mortgage servicing system?
Depending on the mortgage servicing software provider, pricing approaches vary. Pricing typically includes:
- Loan servicing management functionality
- Third party integration
- Borrower self-service capabilities
- Customized system implementation
- Staff training
Options can go beyond this list. Read more about the configurations offered within advanced mortgage servicing systems.
What is the implementation process for a mortgage servicing system?
A mortgage servicing system implementation includes installing software and configuring that software with the mortgage servicer’s specific business rules and processes. The mortgage servicing system can be integrated with third-party software from other participants. Read more about the types of providers servicers can integrate their technology with.
What technology is available to help manage home equity loans and HELOCS?
With the ICE Encompass® loan origination system (LOS), lenders can originate home equity loans on the same platform as first lien mortgages, and then service both those loan types on a powerful loan servicing system like MSP. Read more to see how ICE’s digital mortgage ecosystem can help lenders and servicers support HELOCs and first mortgages on a single platform.
Can home equity loans/HELOCs and mortgages be serviced on the same system?
Yes. Advanced mortgage servicing software, such as MSP, allow first lien mortgages and home equity products to be processed on a single, integrated loan servicing system. This helps mitigate risk and reduce duplicative systems and processes. Read more about the benefits of choosing a single technology provider that helps lenders and servicers support both home equity and first liens.