Does your vacation ownership company prefer to keep all owner services – including loan servicing – in-house? While many Concord clients appreciate the benefits of outsourcing loan servicing to Concord, the vacation ownership industry’s premier provider, many others who keep this function in-house are still able to rely on Concord’s expertise and technology. In fact, they can use the same state-of-the-art tools that Concord does, empowering them to manage their loan servicing with ease and control.
That’s right. Concord’s Platform as a Service (PaaS) model keeps vacation ownership companies firmly in the driver’s seat. Concord’s technology provides developers with all the tools they need to manage their portfolios how they want them managed. It’s a complete account receivables system that includes loan servicing, maintenance fee servicing and invoicing, a collections module, document custody, and multi-option reporting tools.
PaaS agreements allow customers to develop, run, and manage software without the complexity of building and maintaining the infrastructure typically associated with developing proprietary software. Through cloud technology, Concord’s platform provides the servers, storage methodology and other services to host developer accounts. In the current age of data insecurity and strict collections law, that’s an important distinction. The web platform operates under PCI DSS Level 1 standards and Concord has been audited and passed its SOC1 Type 2 review (an examination of a service organization's controls over financial reporting) and SOC 2 Type 2 review (an examination of how a service organization's cybersecurity systems and controls perform over time). In addition, the platform provides best practices and toolsets to transform the payment processing function and improve portfolio performance.”
Traditionally, vacation ownership companies have had to choose between hiring an outside organization specializing in professional loan servicing or developing their own technology and systems. Says one developer who appreciates the hybrid approach offered by Concord, “It didn’t make sense for us to recreate what Concord had already built,” he says. “It was simple to train our staff to use the platform, and now we have all the tools we could ask for.”
The platform includes Concord’s Business Intelligence Tools (BITs), allowing developers to create detailed reports with the most valuable information. “You’re able to download the data and slice and dice it the way you want to,” the developer says. “We create custom charts and graphs to discover trends.”
For clients that adopt the “DIY” approach, cost savings are part of the appeal. The pricing model is volume-based, so smaller developers don’t have big up-front fees and larger developers save on a per-account basis. This flexible and cost-effective approach ensures that your financial decisions are always in your control and beneficial for your business.
Of course, Concord also provides traditional loan servicing to clients who prefer that approach or have lenders that require it. No matter which approach is taken, Concord will leverage our expertise to help clients design their most desired and profitable business option.
Concord has the expertise to manage every aspect of your loan operations. As a leading loan servicer with more than 30 years of experience, we deliver compliant, flexible, and scalable solutions to meet your unique needs.
Contact us today at (866) 493-6393 or bd@concordservicing.com.
