San Francisco, May 9, 2024–(BUSINESS WIRE)–Financial wellness fintech company EarnUp today announced that lenders and servicers can use its platform to offer convenient mortgage payment options for borrowers (pay by text with debit card) announced that it will now be available.
This enhancement marks a significant advancement for EarnUp’s award-winning platform, giving borrowers more flexibility and convenience in managing their mortgage debt and helping mortgage companies prioritize payments for modern borrowers. This will allow you to respond to.
Data from mobile industry body GSMA estimates that by 2025, 72.6% of users will access the internet solely on their smartphones, increasing the need for mobile-first mortgage payment solutions.
Key features of EarnUp’s expanded platform include:
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Pay text: Boasting a 98% open rate and 45% response rate, pay by text allows lenders to easily pay with one click and also offers the option to set up recurring debits.
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Enhanced Borrower Engagement: EarnUp’s white label solution enables customized automated SMS communications based on specific triggers, digital payment campaigns, and proactive loss mitigation efforts.
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Multiple payment options: Borrowers will now be able to easily use their debit card to make mortgage payments through Apple Wallet or Google Wallet, SMS text payments, click-to-click payments via email, borrower portals, or call centers.
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Significant cost savings: Lenders can reduce non-digital payment costs by up to 50% and call center volumes by approximately 20%, while maintaining high success rates for debit transactions.
EarnUp’s easy integration process allows lenders to seamlessly incorporate these features under their brand, enhancing the borrower experience and driving retention.
“EarnUp’s mission is to provide borrowers with the latest and most efficient financial tools,” said Brian Gunn, EarnUp’s CRO. “Enabling payments by text using a debit card provides lenders with a seamless, customer-code-free solution that enhances borrower engagement, accommodates payment methods, and reduces costs associated with non-digital payments. Offers.”
Daniel Sogolka, an industry veteran and service operations expert, says there is a growing demand for richer payment options, such as text messages to pay with a debit card. “More and more borrowers are requesting SMS reminders with the option to pay by debit card,” he said. “Additionally, research shows that Net Promoter Scores increase when servicers support all payment options. It’s important to add features such as a call center to accommodate all payment options.”
Meanwhile, check fraud has more than doubled in the past three years, according to FinCEN. To protect your borrowers, offering the option to pay with a debit card via text can reduce potential fraud.
EarnUp currently powers automated payments to over 200 mortgage servicers and depository institutions, strengthening its position as a trusted partner in the financial wellness ecosystem. The company’s comprehensive platform goes beyond traditional bill payment services and provides advanced automation and support to streamline payments for borrowers. With a track record of automating payments for 4 of the top 10 debt collectors and maintaining a debit success rate of over 99.7%, EarnUp is at the forefront of digitizing mortgage payments.
Mr. Gunn continued, “We are focused on delivering best-in-class technology solutions that drive operational efficiency and promote financial health. Our expanded platform will simplify mortgage payments, “We underscore this commitment by improving outcomes for both borrowers and servicers.”
About Earn Up
EarnUp is an award-winning, consumer-first financial technology platform that intelligently automates the process of accelerating savings and scheduling loan payments. The EarnUp platform serves consumers across the United States and manages over $10 billion in loan payments. EarnUp’s deep data insights help financial institutions reduce risk and reduce costs, helping employers deliver actionable financial stability benefits. EarnUp has been widely recognized for inclusion in the Forbes Fintech 50, Deloitte’s Technology Fast 500, The Financial Technology Report’s Power 300, HousingWire’s Tech 100, and received a PROGRESS in Lending’s Innovation Award. For more information about EarnUp, please visit https://earnup.com.
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