A new business process management software creates rules and checklists for servicers to ensure the cases they take to foreclosure meet compliance guidelines—technology that developer Pegasystems says protects servicers and lien holders from faulty foreclosure processes and speeds up the time it takes a property to transfer to real estate owned status.
The Cambridge, Mass.-based company developed the technology, called the Pre-Foreclosure Solution, for a large servicing operation. It’s based on Pega’s Loan Loss Mitigation Solution and essentially runs on top of an operation’s existing servicing software, dictating workflow and implementing rules to ensure the correct process and steps are followed in loss mitigation cases.
The new technology takes that a step further, and with a series of servicer-specific checkpoints, can certify that preforeclosure cases meet the firm’s requirements as well as local and federal regulations. The preforeclosure software can be customized based on the states where a servicer operates, ensuring that specific foreclosure laws are followed.
“One of the things we’re good at is versioning and specialization,” said Tony Young, principal of financial services industry solutions at Pegasystems. “The technology is designed with a hierarchy and you can dictate different business rules that apply for each case depending on which state it is in.”
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