Midas Studies Launches the 2010 Loan Servicing Benchmarking Study

Midas Studies, in conjunction with Mortgage Finance Gazette is launching the 2010 UK Servicing Benchmarking Study. The study will focus on key servicing functionality and indicators within post completion activity. The result will provide lenders with an independent and standard measure of systems performance and functionality compared to their peers.

The current financial environment is creating a number of pressures on lenders across the industry. Whether it is consolidation of lenders and brands (enforced or strategic) and the cost savings that are essential through this type of strategy, or whether it is the result of inefficient legacy systems, everyone has an interest in reviewing their current position and the position of their competitors. Midas’ unique study will not only highlight the performance of servicers, but also allows third party software and service providers the opportunity to showcase their ‘best of breed’ offerings to the UK mortgage industry, meaning that participants and purchasers of the report will receive a “directory” of suppliers to fill their needs .

The Study applies to all asset owners of any size; from regional Building Societies to major UK Banks; from special servicers to owners of traded books and will allow direct comparison within peer groups. The 2010 Servicing Benchmarking Study provides a contemporary and dynamic forum that matches newly focussed servicing technology innovations with opportunities that are highlighted by the comparative analysis. The showcasing of new technology and services will allow current servicers and owners of UK mortgage assets to view the best solutions offered by third party software and servicing participants currently delivering benefits to a wider servicing audience.

In addition, each section of the study will be prefaced by a sponsored commentary authored by a leading subject matter expert. The survey and its findings will be categorised under the following section headings: General administration processes including letter and statement production IT and software Arrears and collections Risk, compliance and TCF Treasury and funding Legal and deeds management Business intelligence, MI and reporting Insurances Any third party suppliers interested in sponsoring any section should contact Midas Studies directly (info@midasstudies.com) Initial research carried out by Midas Studies shows that over 90% of lenders have a high degree of interest or are very interested in comparing their administration services against their peers and reviewing what the market is currently offering. In addition, the research also shows that a large number of lenders would be prepared to be named, particularly when they are shown to be operating under or close to ‘best practice’ conditions. Consequently the study will uniquely offer participants the opportunity for anonymity or to be named, and “famed” if they want to be.

The 2010 Midas Servicing Benchmarking Study – The Benefits

From a lender perspective, the main benefit of participation is that servicers will achieve a sense of justification of their current IT and functionality servicing strategies in the marketplace. Alternatively, we have also been told by senior operations and IT staff that they hope that inefficiencies and productivity weaknesses highlighted by the Study will provide leverage to their well worn business cases and attempts to influence corporate strategy and budgets. The study also should provide a strong platform for reviewing strategic options such as onshore or offshore outsourcing, or the extended use and integration to third party services to drive efficiencies. It is with this strongly in mind that the study offers providers of software and services the ability to showcase their offerings. In providing the servicing industry with this one stop showcase brochure, which maps directly to sections within the Midas Benchmarking Study, it allows participants to obtain RFI type information in a cost efficient and quick format. For example, if collections functionality is highlighted as an issue in the study, the lender will be able to reference directly the response of relevant software companies and outsourcers and see who is successfully delivering benefits to other organisations Most importantly, the Midas Study provides a cost efficient piece of business intelligence that allows dynamic monitoring of business trends through an independent commentary of their market position based on contemporary market conditions and offerings that are delivering benefits globally today.

Participation

Participation in the Midas Servicing Benchmarking Study is open to all mortgage lenders, servicers and asset owners registered with the FSA in the UK. Sponsorship and showcasing of software, services and outsourcing options are available to both UK based and overseas providers. If you wish to participate either as a Lender, servicer, software provider, outsourcer or service provider please contact Richard Pike or Martyn Ellison at Midas Studies.