FintechMortgage

Sagent partners with Servion Mortgage to scale community banks and CUs servicing

Loan servicing software developer Sagent announced a partnership with Servion Mortgage on Tuesday that will have the fintech powering Servion’s consumer and enterprise tech stack in a seven-year deal.

The integrations will scale Servion’s servicing arm using Sagent’s LoanServ (system of record), Tempo (loss mitigation and default management) and CARE (consumer experience). Like many other community centered financial institutions, Servion said it is making a strategic play to bring the mortgage and homeownership lifecycle into a more automated era – and in particular, accessible from any device.

“At Servion, we want to deliver a digital future to the credit unions we support, and to do this, we sought a servicing fintech provider who could empower our partners with a modern servicing tech stack to exceed the expectations of today’s digital-first borrowers,” said Brad Crandall, President and CEO at Servion.

Founded in 1987 by three Minnesota credit unions wanting to offer competitive mortgage products, the Servion Group now supports nearly 500 CUs and community banks across the country.

“Credit unions and community banks understand the customer lifecycle better than anyone,” said Dan Sogorka, CEO and President of Sagent. “They have perfected the art of highly personalized customer care, and now Sagent is honored to work with Servion to superpower their smart human advice. They will use our core servicing, default management and consumer platforms to deliver modern, digital simplicity to their teams and the consumers they serve.”

A recent study conducted by MANTL, in partnership with Wakefield Research, found a vast majority of respondents still identify community banks and credit unions as the core of banking’s financial system. According to the report, 92% of small business owners and 89% of consumers agreed in the survey that community banks and credit unions are as or more vital to the U.S. banking system as large national banks.

As for Sagent, the fintech has been on a partnership spree in 2021, most recently announcing a deal with Figure Technologies to grow out its blockchain development. That partnership allows for borrowers to manage their loan lifecycle through their mobile devices on Sagent’s performing, non-performing and consumer platforms.

It also managed partnership extensions with Trustmark and Masshousing in February.

Sagent previously partnered for community banking in March, after it announced a five-year extension with North Carolina-headquartered First Citizens Bank to enhance the banks 500 branches with scalable servicing tech.

“After a thorough examination of the market, it was clear that Sagent was the only servicing fintech provider who could offer the fully integrated, fully configurable servicing tech we needed to power a full consumer-first modernization stack for our partners and the borrowers they serve,” said Crandall.

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