Because the mortgage industry has so much competition among all of the various servicers and asset managers, it is important for each business to somehow stand out from the others.
One of the best ways servicers can differentiate their company and also remain compliant to new industry regulations that happen constantly is to adopt sufficient software.
At the MBA annual, RES.NET is promoting new updates the software provider has made to its short sale portal that potential clients can utilize to improve their business.
Earlier this year, the Lake Forest, Calif.-based company introduced custom tasking for its REO application. After REO portal users called the custom tasking function a “game-changer,” RES.NET has decided to offer this feature to short sale specialists.
Custom tasking is an embedded tool that provides a user interface for the mortgage servicer and asset manager to make changes to fields, tasks and workflows immediately. This feature also provides flexibility to the customer while giving enterprise benefits and support and cost savings into the system, said Todd Mobraten, COO and president of RES.NET.
“It was important for us to place the power and change in the hands of our customers and not being held to us as a software company,” Mobraten told this publication. “This was going to happen by creating a simple interface that would allow for behaviors in the software to be completed by a business person rather than a developer.”
According to Mobraten, RES.NET’s custom tasking functionality changes the servicing industry in three ways.
First, timelines to market will be quicker since a businessperson can complete any necessary changes that need to be made through the user interface, therefore removing the development life cycle. Typically, a development life cycle consists of a set of steps that system designers and developers have to follow, such as planning, analysis, design and implementation, which slows down the speed of a transaction to be completed.
“Testing can still occur through your RES.NET obtained environment prior to the new task or workflow going live. But most new tasks and workflow can be completed within an hour versus several months with competing systems that go through a normal development life cycle,” Mobraten said.
Secondly, the cost savings to utilize RES.NET’s custom tasking function “is a fraction” of what a competitor can charge to accomplish the same thing, Mobraten noted. He added that the costs savings for a business utilizing custom tasking is less than 4% rather than going through the development life cycle.
Lastly, custom tasking accommodates the immediate mandates servicers and asset managers are faced with in the industry due to new regulations or executive management decisions to change a business model.
“In today’s world, the industry can’t afford to be held by a software provider to make those changes,” Mobraten said. “Custom tasking allows the mortgage servicer to make any necessary process changes on the fly, which is important during such a critical time when servicers need immediate help. This is a solution that improves compliance to all of the new mandates.”
