Oakland County Michigan
For several years, The County of Oakland used an outside service bureau to service their 4000 plus loan portfolio, consisting mostly of redevelopment loans made to individual homeowners. The service bureau was going out of business and the County was given a deadline of 3 months to find another servicer. To ensure that they would not be faced with this dilemma again, they decided it would be in the best interest of the County to purchase loan servicing software and service their portfolio in-house.
Ms. Karry Reith and Mr. Gordon Lambert were in charge of selecting the software and the vendor that could handle their servicing needs as well as the complexities of converting their data within the allotted timeframe. An Internet search yielded numerous vendors. After careful consideration, ABS was selected. Oakland County purchased The Mortgage Office Loan Servicing and Trust Fund Accounting modules in a multi-user configuration. After they were fully operational, ABS was contracted to create a custom front-end "Cash Register" payment entry module to handle walk-in customers.
ABS coordinated all of the data transfer from the service bureau to the ABS required format. Test files were sent to Oakland County for auditing and verification. Once all issues were resolved, the most current data was requested from the servicer and the data was on-line in one day.
Despite the fact that the Oakland County staff had never serviced loans, they found the system so easy to use that they were able to service their portfolio without running parallel.