Compliance with changing and complex regulations has become a huge challenge for default servicers in 2011 and few have the technology to enforce consistent, compliant and accurate policy decisions.
DecisionReady, a provider of default servicing compliance solutions, announced it now has reviewed one million delinquent residential mortgage loans for loss mitigation and foreclosure process and policy compliance for leading servicers. The DecisionReady technology platform offers end-to-end compliance for every stage of default servicing—from early stage delinquency through loss mitigation, foreclosure and the post-sale process.
In today’s servicing environment, ever-changing state and federal regulations and myriad government programs have introduced unprecedented complexity around servicer policy definitions and the related challenge of implementing compliant default servicing programs. The rising complexity of delinquent mortgage loans, and their escalating volume, also has resulted in a significant increase in both direct and indirect servicing costs. Servicers need to respond by changing their servicing process, adding more associates and implementing new technologies.
DecisionReady’s software technology allows servicers to ensure that their associates are adhering to the latest servicer guidelines and supplemental directives. The solution provides for global deployment of new policies and procedures very quickly, and it simplifies training. The decisions made on each loan by each associate are documented for quality control reviews, investor forensic audits and portfolio analytics. The platform facilitates the easy customization of rules to conform to each servicer’s individual policies and their interpretation of investor guidelines.
And DecisionReady can respond quickly to help servicers meet new regulatory and compliance issues. Last year, the company within a few weeks developed a software module for its technology platform enabling servicers to respond to robo-signing issues by managing the review and execution of the affidavit of indebtedness documents.
The DecisionReady Compliance Suite is available to servicers through web-based software, which complements the major servicing systems. It includes modules for collections, loss mitigation, and foreclosure compliance for multiple investors including Fannie Mae, Freddie Mac, and HUD. Each module helps servicers comply with the numerous regulations in default servicing.
“Exhausting all available home retention options prior to proceeding with foreclosure is a complex and key decision point for all servicers,” said Ravi Ramanathan, chief executive officer of DecisionReady. “The investor guidelines around topics such as sufficient customer outreach leave much room for interpretation. When has the servicer done enough to meet the guidelines? It’s such challenges and complexities that was the impetus to form the company in 2010.”
DecisionReady has more than 7,000 servicer associates in the United States and offshore using its technology. The solution manages a multitude of decision points for each loan, incorporating hundreds of loan level data elements from core servicing systems to ensure compliance. The technology has enabled DecisionReady’s servicer clients to more than double the caseload for each associate while increasing the accuracy of the decisions they are making and achieving accuracy rates of more than 99 percent. The technology enables the company’s clients to globally implement and consistently enforce servicing policies as a simple extension to existing servicing systems.
Dan Mahler, chief strategy officer of default servicing solutions at DecisionReady, noted, “Our technology makes sure that every time a servicer has to consider a homeowner for a loan modification or a short sale they are following the exact same sequence of procedural steps, conforming to the timelines and in the right fashion as dictated by investors and regulators. Our senior management team has decades of experience in mortgage banking, mortgage technology and default servicing.” Mahler spent 13 years in senior management positions in default servicing before co-founding DecisionReady.
The DecisionReady Compliance Suite offers comprehensive solutions and consistent policy enforcement in collections, loss mitigation, short sale, pre-foreclosure review, foreclosure sale date postponement and the review and execution of affidavit of indebtedness documents to prevent robo-signings.
Founded in 2010, DecisionReady provides end-to-end policy and process compliance solutions for default servicing. The DecisionReady cloud computing technology platform enables more than 7,000 servicing associates in the U.S. and offshore to make hundreds of consistent, compliant policy decisions per loan each day. The platform has introduced new efficiencies to default servicing that have enabled servicers to more than double the loan caseload per associate, while achieving accuracy rates as high as 99 percent. DecisionReady’s senior management team has decades of experience in mortgage banking, mortgage technology and default servicing. Over one million loan reviews have been completed on the DecisionReady platform. For more information, please visit www.DecisionReadySolutions.com or call (800) 340-3935.
|Strategic Vantage Marketing & Public Relations|
Tagged with: Bankruptcy • Business • Chapter 11 • Chapter 13 • Deed in Lieu • Defaulted Loans • Delinquent • Distressed Property • Fannie Mae • Foreclosure • Foreclosure Auction • Freddie Mac • Loan Modifcation • Loss mitigation • Mediation • Mortgage loan • Mortgage modification • Real estate • REO • Short Sale • United States
Filed under: Real Estate
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