Much needed transparency
Debuting at MBA’s National Mortgage Servicing Conference & Expo, CoreLogic announced today a new default servicing platform that the company says will “streamline the way mortgage servicers manage loans through all stages of the default lifecycle.” In light of the continued robosigning debacle and the damaged chain of title across the nation, the new platform “Default View” is well timed in that it helps “provide a more efficient and transparent default servicing operation.”
Default View offers nine modules that connects “previously disconnected servicing functions, allowing a dynamic exchange of information across multiple departments.” The platform enables users to see a complete transaction history “including workflow steps, resulting data, outcomes and all related documents and messages” which the company says enables top-down transparency across all default departments so reporting and oversight is improved.
According to Chris Howard, vice president of technology solutions for CoreLogic, the product will be useful for decision-makers at all levels within a mortgage servicer thanks to its flexibility and the breadth of its reach. “The beauty of DefaultView is that servicers can define their workflow and business rules,” he said. “The platform can be adapted to integrate a servicer’s existing technology, so there’s no need for expensive programmers to rewrite code or manage configurability. This product will be key to remaining nimble in a very dynamic default market.”
Howard added that seamless integration coupled with the comprehensive scope of the platform will allow servicing businesses to address a wide spectrum of concerns. “DefaultView will not only shrink bottom-line costs by boosting accuracy and efficiency, but also improve short- and long-term operations for servicers of all sizes and with all loan volume levels, which will ultimately support the health of the servicing industry as a whole.”
Developed with industry participation
The company notes that the product was developed with servicing industry participation, their cloud-based technology seeks to bring people, processes, and information together on a single platform with a common user interface.
It will feature a unified communication and collaboration platform with work-accelerating tools and resources. Integrated into the platform, are functional modules that take servicers from loss mitigation through claims, delivering specific, easily configurable applications for each group along the way:
- Loss Mitigation
- Preforeclosure
- Collateral Valuations
- Foreclosure
- Bankruptcy
- Litigation
- REO
- Property Preservation
- Claims
“DefaultView is one of the most transparent and cohesive solutions for managing default,” said Kevin Wall, senior vice president of Default Services for CoreLogic. “This platform is unique in that it uses a unified approach to give servicers an unprecedented level of visibility into the path of a loan in default from beginning to end. All modules can be used together as an end-to-end solution, or in configurable combinations suited to specific needs.”
