A. LoanSphere Invoicing is a comprehensive electronic invoicing solution primarily used in the mortgage industry. Fourteen of the top 20 prime Servicers and 11 of the top 15 sub-prime Servicers use LoanSphere Invoicing to process their invoices. LoanSphere Invoicing currently enjoys more than a 60% Market share and has over 25,000 users with 12,000+ vendors using this software. Typically, 900,000 default invoices are processed a month – 6.0 million annually and in 2005, LoanSphere Invoicing processed over $1.5 billion in default invoices.
Q. Why have I not previously heard of submitting invoices through LoanSphere Invoicing for broker related services?
A. For many years, we have supported the mortgage default industry with over 20 invoice types including Foreclosure, Bankruptcy, Property Preservation, Eviction, Valuation, and Property Inspection. We have just begun to offer invoice services to the mortgage default industry for REO Broker related services.
Q. How does the LoanSphere Invoicing system operate?
A. With LoanSphere Invoicing, no special software is needed. LoanSphere Invoicing is an internet-based solution, only requiring an acceptable Internet browser. After you have subscribed to our service, our expert trainers will deliver training to you and your staff. Then, all that is needed is to log in to our website to create invoices and submit them to your mortgage servicer or outsourcer client, for immediate review and processing for payment.
Q. What are the benefits of using LoanSphere Invoicing?
A. Some of the many benefits LoanSphere Invoicing vendors enjoy include:
Immediate presentation of your electronic invoice when it has been created, making the invoice immediately available to the servicer for approval consideration.
No lost attachments to your invoices. Proof of payments and before & after photos will always be available for review.
Faster reimbursement of submitted invoices.
Online status of every invoice anytime, anywhere you have the internet.
Online reporting capability to assist with the reconciliation process.
Electronic archival storage of historical invoices and supporting documentation.
Q. What type of images does LoanSphere Invoicing accept?
A. LoanSphere Invoicing currently accepts JPG, GIF and TIF file formats.
Q. Will this position my company to receive more business from other mortgage servicers?
A. LoanSphere Invoicing is used by most of the major prime and sub-prime Servicers in the industry. For the most part, when a Servicer chooses to use LoanSphere Invoicing for the electronic bill presentment for a specific department, all of their vendors are required to use LoanSphere Invoicing to submit their invoices. As the Servicer adds new departments, new vendors are subsequently added as a result of the new business. Many Servicers check our online registry regularly to see what vendors in a particular area, or part of the country, are already using LoanSphere Invoicing.
Q. What mortgage Servicers are live with LoanSphere Invoicing and which ones will use the REO Broker invoices?
A. We have almost 70 Servicers that require their vendors to submit invoices through LoanSphere Invoicing. We do not publish a listing of our clients. We anticipate that a majority of our Servicers will use REO Broker invoices to complement their servicing needs once they have taken title to their real estate collateral.
Q. What are the registration costs and fee structure for using LoanSphere Invoicing for REO Broker invoices?
A. Here are the pricing components:
Online registration fee - $49.99. This is a one-time fee. Once you register for any LoanSphere Invoicing mortgage servicer, you are registered for all clients.
Invoice fee –The first time an invoice is submitted against a loan number, you will be billed a processing fee per invoice up to 5 invoices and any subsequent invoices billed for that same loan number will be free of charge.
Q. How Am I Billed?
A. A valid email address is required for billing purposes when you register. Each month you will access your invoice from the LoanSphere Invoicing system. Payments must be mailed to LoanSphere Invoicing within 30 days. If payment is not received within 30 days, access to LoanSphere Invoicing invoice submission will be restricted.