Mortgage Servicer Retention System via Database Matching

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Solution Overview

Problem

Mortgage customers often mistakenly contact the entity that originated their mortgage for refinancing, leading to loss of customers for the existing mortgage servicer, as they are unaware of customer retention programs offered by their current servicer, and existing Internet solutions fail to connect customers with their servicer effectively.

Innovation Solution

An Internet-based system that connects mortgage customers with their existing mortgage servicer through an extensive database, allowing customers to provide necessary information to identify their servicer and enabling the servicer to offer retention programs, home equity loans, refinance options, and mortgage modifications, thereby retaining valuable customers.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Adaptability or versatility

If mortgage customers contact the entity that originated their mortgage for refinancing, then they may obtain refinancing services, but the existing mortgage servicer loses valuable customers

Engineering Contradiction:

Improvecustomer retention capabilityVSAvoidcustomer loss

Core Design Contradiction:

Adaptability or versatilityVSLoss of energy

Solution Approach 1:

The patent introduces an intermediary system (the website and database) that mediates between mortgage customers and their existing servicers. The system captures customer information, identifies the originating servicer through database matching, and facilitates connection between the customer and servicer's retention department, preventing direct customer loss to third parties

Inventive Principle:

Principle #24Intermediary (Mediator)

Solution Approach 2:

The system performs preliminary identification and connection actions before customers can be lost to refinance with other lenders. By proactively capturing customer information and establishing contact with the servicer's retention department early in the refinancing consideration process, the system prevents customer loss before it occurs

Inventive Principle:

Principle #10Preliminary action

2Reliability

If mortgage customers refinance with another lender, then they may obtain better interest rates, but they incur refinancing fees and the servicer loses customers

Engineering Contradiction:

Improvecustomer-servicer relationshipVSAvoidcustomer information loss

Core Design Contradiction:

ReliabilityVSLoss of information

Solution Approach 1:

The system implements feedback by capturing customer information, matching it with servicer data in the database, and enabling the servicer to respond with retention offers. This feedback loop allows the servicer to understand customer refinancing intentions and respond appropriately, preventing information loss and relationship breakdown

Inventive Principle:

Principle #23Feedback

3Ease of operation

If the existing mortgage servicer has no connection with customers seeking refinancing, then operational simplicity is maintained, but customer retention opportunities are lost

Engineering Contradiction:

Improvecustomer service accessibilityVSAvoidrefinancing fee loss

Core Design Contradiction:

Ease of operationVSLoss of energy

Solution Approach 1:

The system enables self-service by allowing customers to initiate the connection process themselves through the website. Customers input their information, the system automatically matches them with their servicer, and facilitates the connection without requiring servicer initiation, making the retention process accessible and easy to operate

Inventive Principle:

Principle #25Self-service

Data Source

PatentUS8660939B2Method for mortgage customer retention

Publication Date: 2014.02.25 ABOUTMYMORTGAGE COM LLC

AI summary

This invention relates generally to a method and system by which mortgage customers are linked to their existing mortgage servicer via an improved Internet process for achieving a mortgage modification, by their existing mortgage servicing institution rather than by a mortgage refinancing with loss of the customer to another servicing institution.