Exeter Finance Corp. will begin tests of Shaw Systems Associates’ latest servicing system — a proprietary software the firm has used in the past — sometime in the third quarter, according to Exeter’s Chief of Operations Brad Martin. The new version, called Shaw 5.4.1, will give the company tighter control over regulatory procedures, Martin told AFN.
“We’re excited about the tech they [Shaw] have in place, and what they’ve added to it over the years,” Martin said. “Historically, it was very difficult to put in systems to ensure regulatory compliance. Shaw has a bunch of software products for different financial solutions, but its cloud service fills in the gaps of what we used to call green screens — old primitive databases.”
According to Martin, this will help them reach their goal of obtaining a larger marketshare by “streamlining control and compliance within the loan servicing system.”
For example, the system will control the number of attempts agents make to contact a consumer, “taking some of the emotion out of the lifecycle,” he said.
“We’re going to be able to put rules in place, systematically stopping us from calling more often than the regulatory limits permit,” Martin said. “It gives us confidence that we can treat every consumer equally — that’s the real power.” The upgraded system isn’t a plug-and-play, according to Martin. “We have to build all of the rules ourselves; Shaw’s system waits until we have our right control features in place,” he said.
Exeter has gone through a number of developments lately, the company celebrated its tenth year anniversary, reshaped its corporate structure, and redesigned its logo.
