REPAY automates mortgage service transfers with new service

REPAY, a provider of vertically integrated payment options, has launched a new offering that streamlines loan service transfers between mortgage lenders.

The new Service Transfer Exchange (STX) automates the manual steps during payment processing and routing between servicers when mortgage servicing rights are transferred.

“PaymentIQ was built to untangle complex scenarios just like this,” said Todd Harbison, vice president for Ventanex. “By moving complex payments from manual to digital processing, it gives STX the power to identify service-released items and forward them automatically and electronically to the new servicer.”

“Today’s low mortgage rates have sparked a boom in mortgage service transfers – so efficiency and accuracy matter more than ever,” said Susan Perlmutter, chief revenue officer of REPAY. “We identified an increased need to streamline efficiencies for mortgage lenders. STX makes transfers easier for servicers – and reduces errors that can slow the process and alienate borrowers.”