GCC Servicing Systems, a provider of mortgage servicing technology and solutions, has added Unapplied Payment Tracking Module (UPT) to its Professional Services Suite in order to assist mortgage bankers and servicers with the processing of electronic payments.
The Unapplied Payment Tracking Module is the newest of GCC’s modules that also include Collateral Tracking and Final Docs.
According to the company, the UPT Module will enable servicers to better handle electronic payment errors. Through a workflow system, the payment errors are routed to the designated departments and employees for correction.
The UPT Module is customizable for each company’s payment rules and can also be used to track errors that come from online bill payment programs, as well as rejected manual payments.
GCC president Glenn Liebowitz said that the Unapplied Payment Tracking Module was created to help the company’s clients manage electronic payments that present processing issues.
"Errors typically occur with electronic payment such as from a Lock Box and our clients need to cut down on the time payments sit in limbo waiting to be cashed and applied. The UPT Module helps streamline these payments and assists users in quickly deciding how the payment should be processed, thus saving our clients time and money," Liebowitz said.