SMART Servicing, LLC, an affiliate of Steel Mountain Capital Management, is offering new software that provides the residential mortgage loan market with loan level information designed to help users control loss severity.
The application, Servicing Management Asset Recovery & Tracking, is designed to work in conjunction with existing servicing systems and loss mitigation processes.
Customized screen views allow users to track and summarize more than 740 loan level characteristics and related daily servicer actions. The SMART database is updated nightly with proprietary scripts via a user's existing servicing data.
"SMART is designed to remove loan level decision barriers that are so often found in traditional servicing systems and processes," said Kelly Wayne Garland, managing partner of Steel Mountain Capital Management, Denver.
SMART views include historical borrower activity, daily servicer collection comments, and daily updates of loss mitigation activities (modification, cash for keys, deed-in-lieu, forbearance). It also includes bankruptcy, foreclosure actions and timeline management functions, payments received and corporate/escrow advance activity, historical BPO value tracking and REO process review and listing management. Collateral document location is included as well as tracking the chain of assignment, endorsement review, on-screen examination of actual BPO and collateral document images.
In addition, SMART tracks the original purchase and recovery information of an asset as well as the more typical secondary market loan level origination and trading information. Post liquidation, SMART provides a repository for historical information providing trending and benchmark review for future pricing, recovery projections and analysis.
