The loan servicing application provides the capability of tracking more information on serviced loans than is provided in the standard loan system. This information is used as a basis for the enhanced reporting required for loan servicing.
The SilverLake Loan Servicing module has been designed to automate handling those loans sold to investors such as Fannie Mae, Freddie Mac, and any agencies whose reporting conforms to Fannie Mae and Freddie Mac guidelines. The process of administering these loans from the offering stage through remittance, reporting, and reconciliation is controlled through the Loan Servicing module. The programming allows the financial institution to report on loan level information for Freddie Mac, as opposed to group level reporting which was the method for reporting in the past.