Applied Business Software Inc. (ABS) reports that it has updated The Mortgage Office, the core platform of its loan servicing software suite, with new features and capabilities.
Version 188.8.131.52 now features text messaging, which is key because it will help enable mortgage servicers to communicate with borrowers via text messaging. Both borrowers and lenders can get texts informing them of upcoming scheduled transactions, such as auto-payments, payments received, ACH deposits and more.
The new version also sports geomapping, which gives lenders the ability to generate interactive location maps for all or selected loans in The Mortgage Office. This new capability is made possible through ABS’ partnership with MapQuest.
In addition, ABS has partnered with Payment Data Systems to offer its customers multiple options for real-time credit card and EFT payment processing, both within The Mortgage Office and through ABS’ Web portal.
The software solution also sports a new prepayment penalty feature that calculates guaranteed interest through the expiration date. Payoff can now include outstanding months of guaranteed interest.
For more, including a complete list of all of the upgrades, click here.