Fay Servicing, a diversified mortgage company out of Chicago, announced that it will soon begin implementation of an Interactive Voice Response (IVR) solution from TeleVoice, a provider of customized telephony solutions. TeleVoice specializes in supplying IVR and Computer Telephony Integration (CTI (News - Alert)) solutions to some of the largest financial institutions in the world, and Fay Servicing is the latest client to benefit from the company’s communications services.

IVR refers to the automated attendant that responds to an incoming customer service call, handling large call volumes without necessitating as many employees. Fay Servicing will use the TeleVoice platform to provide customers with quick access to loan information and even allow them to pay over the phone. The platform will also function behind the scenes and redirect calls that need agent assistance, according to the customer’s loan-level criteria. This improvement demonstrates Fay Servicing’s emphasis on customer satisfaction.

“Our mission has always been to operate as a special servicer and mortgage originator who puts relationships with borrowers first,” said company CEO Ed Fay. “TeleVoice’s recently implemented IVR solutions have exceeded our early expectations and help us provide an enhanced borrower experience and further strengthen those relationships.”

Barry Hays, co-founder and senior vice president of TeleVoice, agrees that the company’s IVR solution is perfect for a customer-centric mortgage company like Fay Servicing.

“Often, the difference between a borrower remaining current -- or returning to current status -- and slipping into default lies in a servicer’s ability to easily facilitate a payment request, regardless of channel,” Hays said. “Fay Servicing has long established itself as a leader in leveraging relationship-based servicing strategies to maximize the performance of its portfolio, and with the implementation of our pay-by-phone capabilities, its borrowers will have another payment option at their disposal.”

Pay-by-phone options are undoubtedly on their way out, but there is still a substantial customer base that appreciates the opportunity, especially when dealing with loan situations. If the process of a phone call is managed efficiently, the customer is more likely to be satisfied with their overall service of the company.