Requirements for standby servicing (or backup servicing) have become ever more prevalent. Gemini offers a cost effective, simple process that satisfies the needs of clients, funders, investors and rating agencies alike.
There are three service option levels to mitigate risk against failure of the current servicing function. If the client is clear in their requirements they can simply select the applicable option, or Gemini’s servicing and IT experts can make suitable recommendations based on the reasons behind the requirement following an initial review of the portfolio and existing servicing platform.
Gemini will carry out detailed analysis and testing of the portfolio and existing arrangements, finally agreeing a business continuity plan with the client.
The standard option levels available are:
- Cold – 60 to 90 day boarding processes onto Gemini’s platform including product assessment and backup facilities.
- Warm – boarding between 30 and 60 days with a custom data mapping template created, a lender procedure review and periodic data backups included.
- Hot – immediate standby service, boarding normally within two days, requiring full test portfolio setup onto Gemini’s platform, to include regular portfolio updates and assessments.
Gemini has a proven portfolio migration track record from numerous lenders and servicing platforms. This experience provides clients with peace of mind and value for money should Gemini need to step in to take over your portfolio servicing requirements.