EarnUp, Inc., a financial wellness fintech company, announced that lenders and servicers will be able to use its platform to offer borrowers a convenient payment option: mortgage text to pay via debit card.
This enhancement will mark a significant advancement of EarnUp’s award-winning platform, providing borrowers with greater flexibility and convenience in managing their mortgage obligations while also empowering mortgage companies to accommodate modern borrower payment preferences.
According to data from mobile trade body GSMA, it is estimated by 2025 72.6% of users will access the internet exclusively by smartphone, driving home the need for mobile first mortgage payment solutions.
Key features of EarnUp's expanded platform will include:
- Text to Pay: Boasting 98% open rates and 45% response rates, with text to pay, lenders can offer one-click payment ease, with the option to set up recurring debits.
- Enhanced borrower engagement: EarnUp's white-label solution will allow for tailored, automated SMS communications based on specific triggers, digital payment campaigns, and proactive loss mitigation efforts.
- Multiple payment options: Borrowers will be able to use their debit card to make mortgage payments conveniently through their Apple Wallet or Google Wallet, SMS text to pay, email click to pay, borrower portals, or call centers.
- Significant cost savings: Lenders can reduce non-digital payment costs by up to 50% and lower call center volume by approximately 20%, all while maintaining a high success rate for debit transactions.
EarnUp's straightforward integration process will enable lenders to seamlessly incorporate these capabilities under their own brand, enriching borrower experiences, and fostering greater retention.
"Our mission at EarnUp is to empower borrowers with modern, efficient financial tools,"
said Brian Gunn, CRO of EarnUp. "By enabling text to pay using a debit card, we're offering lenders a seamless, no-customer-code solution that enhances borrower engagement, accommodates their method of payment, and reduces the costs associated with non-digital payments."
Daniel Sogorka, industry veteran and servicing operations expert, points to the increasing demand for greater payment options, including text to pay with debit cards. “A growing number of borrowers want the reminders via SMS, with a text to pay option with their debit card,”
he said. “Additionally, studies show that Net Promoter Scores increase when servicers accommodate all payment options. It is therefore critical that mortgage companies and servicers add the ability to accommodate all payment options including SMS text to pay, email, or their borrower portal or call center.”
Meanwhile, check fraud has more than doubled over the last three years, according to FinCEN. To protect borrowers, providing the option to pay by debit card via text can help lessen potential fraud.
EarnUp currently facilitates automated payments to over 200 mortgage servicers and depository institutions, reinforcing its position as a trusted partner in the financial wellness ecosystem. The company’s comprehensive platform goes beyond traditional bill pay services, offering advanced automation and support to streamline borrower payments. With a proven track record of automating payments for four of the Top 10 Servicers and maintaining a 99.7%+ debit success rate, EarnUp is at the forefront of digitizing mortgage payments.
Gunn continued, "We are committed to providing best-in-class technology solutions that drive operational efficiency and promote financial wellness. Our expanded platform underscores this commitment by simplifying mortgage payments and improving outcomes for both borrowers and servicers."
