ISGN Opts to Make Servicing Tech More Flexible
In the current mortgage market servicers are inundated with volume - too much volume to handle manually. As a result, the major servicing platforms are stepping up and trying to make their technology more flexible so the servicer can adapt to changing market conditions.
For example, ISGN Corp. has made some new enhancements to its LenStar technology, which is a Web-based attorney and referral communication system for the default management market. The LenStar network provides servicers access to lenders and attorneys servicing over 25% of the residential loans in the country. With LenStar, users are able to share foreclosure and bankruptcy loan information, from their desktops, reducing the need for phone calls, faxes and shipping. LenStar also automates the ordering of title, AVM (automated valuation model) and BPO (broker price opinion) evaluations.
LenStar's new functionality is more customizable and flexible. Among the enhancements are an executive dashboard that allows users to create customized views of LenStar reporting data based on their own management criteria. This dashboard provides a complete view of the loan timeline, including vendor and user performance, file status and portfolio management. LenStar also now offers a referral toolkit, which can be used to create new referral types such as additional bankruptcy types, litigation, lien monitoring, REO (real estate-owned), loss mitigation and title claims, all with minimal effort, giving users more flexibility and ultimately, the ability to quickly adapt to market changes. LenStar users will also find that the system offers enhanced control and automation through the use of a wizard that can help to create ad-hoc custom reports, including in-depth assessments for vendor management. Other enhancements allow LenStar to offer imaging at loan level vs. referral level, batch image upload for servicers, the ability to provide control and approval of re-projections and holds, new system interfaces to third-party applications, and automation of attorney assignments based on work rules.