Envision Bank has partnered with an Illinois-based company to manage the bank’s mortgage subservicing business.
The Stoughton-based bank said in a statement yesterday that it has signed a contract with Illinois-based Dovenmuehle Mortgage Inc., a private label mortgage subservicing company. The deal includes support for customer service, payment processing, escrow administration, payoffs and discharges, investor reporting and compliance.
Envision services residential loans for other institutions, and the bank said it had a 75 percent increase in its loan subservicing portfolio in 2020, to $1.8 billion. Combined with its own residential lending portfolio, Envision Bank said it services more than 9,000 residential loans and over $2 billion in volume.
“Given the exponential growth in our servicing portfolio, we want to ensure that we can provide the best-in-class service that our customers have come to expect from us,” William Parent, Envision Bank’s president and CEO, said in the statement. “By partnering with Dovenmuehle, we’ll provide our customers with pioneering, enterprise-class technology and the personal attention to which they’re accustomed. The fact that we can do this without a significant capital investment makes this a win-win situation for both our shareholders and our customers.”
Parent had said last month in Envision Bank’s fourth quarter earnings statement that the bank had initiated a plan to outsource residential loan servicing as part of its efforts to streamline and improve operational efficiency.
The bank said in yesterday’s statement that the rapid growth of its portfolio required management to analyze technology, workflows and the ability to support continued expansion. The partnership with Dovenmuehle, the bank said, “provides scalable servicing capacity, compliance with regulations and investors, an elevated customer experience as well as a reasonable level of financial contribution to the organization and its shareholders.”
The bank’s mortgage division, Envision Mortgage, offers products that include first-time and low- to moderate-income homebuyer programs through MassHousing and the New Hampshire Housing Finance Authority.
“This solution provides the ability to scale our portfolio up or down as market conditions dictate without operational risk,” Ryan Kirwin, executive vice president of Envision Mortgage, said in the statement. “It also provides omni-channel payment platforms, including mobile, that will let our customers access their loans and model payments when and how they desire with a single sign-on. Our partnership with Dovenmuehle makes it affordable for a community bank, such as ours, to offer world-class technology for an exceptional customer experience.”
