Quandis has partnered with technology business provider CSC to offer a new short sale tracking and fulfillment portal for the company’s EarlyResolution default management solution in order to accelerate processing cycles.
EarlyResolution helps keep homeowners in their homes while ensuring consistent workouts for borrowers and improved compliance for lenders. With 45% market penetration including users at the top three mortgage lenders, EarlyResolution streamlines the loan workout process for borrowers across all channels and helps servicers manage all aspects of loss mitigation.
As part of the agreement, CSC and Quandis will build and maintain a Web-based data exchange interface to facilitate short sale offers between servicers, agents, borrowers and investors in one platform.
Through the Software as a Service offering, users can coordinate time-sensitive information and provide a single audit trail from initial borrower contact through short sale plan completion. The interface will improve operating efficiencies and reduce short sale case cycle times, increasing the probability of short sale approval.
"Short sales are becoming more prevalent as the mortgage delinquency pipeline moves from retention toward litigation,” says Scott Stoddard, CEO of Quandis, Foothill Ranch, Calif. “Approximately 30% of short sale requests conclude with the sale of the home, and we are looking to significantly increase this percentage through our collaboration with CSC, thereby reducing the likelihood of foreclosure for borrowers in default.”
This partnership benefits consumers who wish to sell their homes instead of foreclosing, according to the Falls Church, Va.-based technology solutions provider. Additionally, the company said the new portal is going to help mortgage investors reduce the amount of losses they could sustain during the foreclosure process.
“This joint effort offers servicers a sophisticated and flexible short sale processing and tracking system that will improve loss mitigation decision-making and short sale results,” said John Dickson, president of CSC’s banking and credit services division. “EarlyResolution clients gain a highly secure, integrated tool to improve the short sale fulfillment ratio and enhance multi-party communication.”
