Fintech
EarnUp offers mortgage text payment functionality
Earn upInc., 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 be paid 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 enabling mortgage companies to meet borrowers’ modern payment preferences.
According to data from mobile commerce body GSMA, it is estimated that by 2025, 72.6% of users will access the Internet exclusively via smartphones, driving home the need for mobile solutions for first mortgage payments.
Key features of EarnUp’s expanded platform will include:
- SMS to Pay: With 98% open rates and 45% response rates, with SMS to Pay, lenders can offer one-click payment ease, with the ability to set up recurring charges.
- Increased Borrower Engagement: EarnUp’s white label solution will enable personalized, 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 via Apple Wallet or Google Wallet, text to pay, click-to-pay email, borrower portals or call centers.
- Significant cost savings: Lenders can reduce non-digital payment costs by up to 50% and decrease call center volume by approximately 20%, all while maintaining a high success rate for debit transactions.
EarnUp’s simple integration process will allow lenders to seamlessly incorporate these features under their brand, enriching the borrower experience and driving greater loyalty.
“Our mission at EarnUp is to provide borrowers with modern and efficient financial tools,” said Brian Gunn, CRO of EarnUp. “By enabling SMS payment with a debit card, we offer lenders a seamless, customer code-free solution that improves borrower engagement, adapts to their payment method and reduces costs associated with non-digital payments.”
Daniel Sogorka, industry veteran and maintenance operations expert, highlights the growing demand for more payment options, including text to pay with debit cards. “An increasing number of borrowers want to receive SMS reminders, with an option to pay via SMS with their debit card,” He said. “Additionally, studies show that Net Promoter Scores increase when servicers accept all payment options. It is therefore critical that mortgage companies and servicers add the ability to accommodate all payment options, including SMS to pay, email or the borrower portal or call center.”
Meanwhile, check fraud has more than doubled in the past three years, according to FinCEN. To protect borrowers, offering the option to pay by debit card via text message can help reduce potential fraud.
EarnUp currently facilitates automated payments to more than 200 mortgage servicers and depository institutions, strengthening its position as a trusted partner in the financial wellness ecosystem. The company’s comprehensive platform goes beyond traditional bill payment 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 debt success rate above 99.7%, 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 well-being. Our expanded platform underscores this commitment by simplifying mortgage payments and improving outcomes for both borrowers and servicers.”