Loan servicing and collection data conversions
We move loans and accounts to your new system with the history intact. AI speeds up the mapping and people check the balances.
What we convert
Accounts and balances
Principal, interest, fees, charge-offs and status.
Payment history
Every posting, reversal and adjustment.
Notes and contacts
Collector notes, letters and contact records.
Legal data
Suits, judgments, dates and amounts.
Placements
Which firm or agency holds each account.
Documents
Statements, bills of sale and letters, linked to accounts.
Systems
We've worked with YGC, ADS, NLS, defi, ParaData, Cogent and more. We also work from flat-file exports and SQL backends.
We're near the end of separating a client's systems from an affiliate's. More than 150 legacy web forms are retired so far.
Process
- Scope. We review your system and data before quoting a timeline.
- Map. Every field, old to new, documented.
- Test loads. Balanced against the source for principal, interest, fees and counts.
- Fix. Work the exceptions and load again.
- Cut over. The old system stays up until the numbers tie.
- Report. Reports run on the new data from day one.
Controls
AI does
- Mapping suggestions
- Data profiling
- Documentation
People sign off on
- Balancing at every test load
- Each exception
- Staging and rollback before production
Where your data lives
We prefer your data to stay in your own environment. If you need new servers, we can set up SQL servers, hardware, or virtual or cloud servers.
After cutover
- Fill fields the new system is missing, in staging first.
- Tag each record as backfilled, matched, mismatched or no legacy data.
- Fix leftovers like missing suit dates or accounts flagged to the wrong firm.
FAQ
How long does a conversion take?
Anywhere from a few hours to several weeks, depending on the size of the job. AI speeds up much of the work. After the first call, we send you an estimate.
Do we have to convert?
Not always. If the old system still works for your staff, a reporting database on top of it may cost less.
Do you work with our new vendor?
Yes. We don't sell software, so any vendor is fine.
What do you need from us?
Data access or exports, an operations contact, and the new system's import specs.
What does it cost?
Hourly, per project, or on a monthly retainer. Retainers cover ongoing support and regular check-ins, monthly or quarterly. We quote upfront and are open about what things cost. The first call and consultation are free.
Case study
Moving a lender's servicing during a bankruptcy. The full IT move to the new servicer, from accounts to the servicing platform.
Related work
- Legacy system to CogentWe closed the data gap in the conversion.
- Servicing transfer during a bankruptcyWhen a lender went through bankruptcy, we ran the full IT move to the new servicer: accounts, balances, reporting and the servicing platform. We supported them through the whole transition.
Talk to us
Tell us what system you're on and where the data needs to go.