Technology providers are rolling out new updates and products this week at the Mortgage Bankers Association's servicing conference in Orlando.
Decision Ready Solutions, which currently provides an end-to-end distressed mortgage management platform, added a new product to its lineup called Radar that looks to provide similar automated workflows to distressed property disposition.
As Ravi Ramanathan, president and CEO of Irvine, Calif.-based Decision Ready,
“The foreclosure review group gets access to the loan while it's in active loss mitigation, 100 days into the delinquency,” Ramanathan said. “They're keeping track of when the loss mitigation efforts terminate to initiate the foreclosure review process, where they perform the SCRA (Servicemembers Civil Relief Act) check, serve the breach letters and perform the presidential disaster area check.”
With software like the Radar, Decision Ready allows servicers to begin applying disposition strategies during early stage delinquency well before the real estate owned disposition phase. The technology is comprised of four “Desktops,” for REO, loan sale, short sale and closing.
In performing servicing technology, Southfield, Mich.-based GCC Servicing Systems released an updated user interface for G/SER, its browser-based servicing system of record.
The new interface takes advantage of tabs and menu bars to make the system more intuitive for servicers' needs, the company said, adding that “the simplified menu design enables users to access any area of the system with one click and improves efficiency by reducing the time needed to complete functions.”
In addition, GCC said new workflow functionality has been enhanced to automate assigning tasks and messages to users, based on status updates. Those assignments automatically direct users to the appropriate module within G/SERV to take care of the necessary action.
In a press statement, GCC client Towne Mortgage Company, of Troy, Mich., called the new interface sleek and well organized. “The more intuitive layout not only benefits our staff that is already familiar with the platform, but also greatly reduces the training timeline for new users,” said Don Calcaterra Jr., president of Towne Mortgage Company.
In valuation technology, Lexington, S.C.-based Real Property Decisions launched a new default reconciliation report that serves as a supplement to traditional broker price opinion and appraisal valuations.
The report is generated with geographically-optimized, third-party data and desktop appraiser expertise, which the company said are intended to be compared against two baseline valuations of a subject property.
The reconciliation report also incorporates two data sets from Westminster, Colo.-based rental valuation technology provider RentRange, as well as identification of positive and negative factors affecting value and/or marketability, repair/rehabilitation cost estimates, and a recommended listing and sales strategy, among other data.
