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(BPO) services. Available as an add-on to the BPO, this turn-key tool generates accurate repair estimates in minutes for real estateowned (REO) properties, short sales and other properties. Currently, all BPOs have a section for repair costs, which means that real estate brokers conducting a BPO are expected to have the knowledge to make estimates of repair costs. This results in hundreds of thousands of dollars being lost because of poor repair estimates. The online BPO tool covers the full range of interior and exterior repair cost and maintenance estimates for bankowned properties, including lawn mowing, winterization, board-ups, replacement of appliances, debris removal, and patio and driveway repairs. It creates consistent repair and maintenance reports with prices for labor and materials localized down to five-digit zip codes. The tool meets or exceeds Federal Housing Administration (FHA) and U.S. Department of Housing & Urban Development (HUD) compliance guidelines for local repair cost estimates and is compliant with new governmentsponsored enterprise (GSE) and interagency valuation requirements. “With the repair cost estimate add-on, we can provide our clients with a more comprehensive inventory of repairs that will help them determine accurate short sale and REO pricing,” said Walt Coats, chief executive
officer of BrokerPriceOpinion.com. “REO inventories will continue to swell for many months ahead as more foreclosures emerge from the shadow inventory. Banks, investors and other institutions quickly need to get a handle of their REO repair and maintenance costs that apply to the diverse properties, neighborhoods and markets represented in their portfolios.”
ISGN Integrates Its LoanSifter Product Into MORvision’s LOS ISGN, a provider of end-to-end technology solutions and services to the U.S. mortgage industry, has partnered with LoanSifter, a provider of product and pricing technology for community banks, credit unions, mortgage bankers and mortgage brokers to offer MORvison’s first integrated loan product and pricing engine through the MORvision Plug-In Partner Network. LoanSifter provides lenders with automatically updated, realtime pricing, adjustments and eligibility guidelines on over 160 correspondent and wholesale investors. The unique bi-directional integration enables MORvision customers to set up and maintain loan originator compensation plans, meeting the latest Regulation Z requirements, and obtain loan product and
pricing information directly from within MORvision. The integration results in loan originator (LO) compensation compliant investor product and pricing data, improved efficiencies, and reduced errors. LoanSifter’s product and pricing engine (PPE) ensures that MORvision lenders deliver the most competitive loan offer to borrowers without cutting corners on accuracy. The integrated solution also leverages LoanSifter’s extensive secondary marketing platform to allow for locking loans, applying lock extensions, etc., which is all reflected in MORvision in real-time. Prior to this integration with LoanSifter, MORvision customers faced the challenge of maintaining control of originating, pricing and locking loans in a market that is sometimes volatile, while trying to avoid duplicate data entry between the loan origination system and the loan product and pricing engine. The LoanSifter integration facilitates effective communication between loan officers and secondary marketing professionals with a suite of tools to include a webbased portal, pipeline management, loan eligibility and pricing, secondary lock desk and rate sheet generator for accurate pricing and product information.
DRI Management Systems Releases New REO Management Solution DRI Management Systems Inc., a provider of default process management software, has announced the release of Version 1.4 of
its flagship technology, adding new functionality with several new modules to help servicers achieve increased success in servicing defaulting mortgages. Previously known by its development code name “Rincon” and now officially relabeled “DRI Office,” the platform represents the next level in technology specifically created to relieve mortgage servicers’ workloads and dramatically improve their results. Until now, DRI’s platform had modules providing automation for loss mitigation, bankruptcy, foreclosure and real estateowned (REO) properties. The new version of DRI Office includes: A litigation module and model office workflow; an administration module with the ability to track any process with a servicers’ custom workflows; a services ordering module for automated ordering of credit, valuations (such as AVMs, BPOs and full appraisals), field services, IRS Form 4506-Ts, Social Security Number verifications and other services; an enterprise content management system referred to as the Bulletin Board, which can display important messages and store notes indexed to workflow or specific documents, as well as handling other critical documents and images; and DRI Broker, which integrates an online communications capability with the DRI Office platform to address the needs of both the asset manager and the R/E Broker. “In addition to the current volume of delinquencies and defaults, capacity planning issues have made life continued on page 34
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NationalMortgageProfessional.com
NATIONAL MORTGAGE PROFESSIONAL MAGAZINE
www.GSFprobranch.com
APRIL 2011