New CoreLogic Tool to Assist Servicers Adapt to Default Process Changes
MARCH 2012
VIRGINIA MORTGAGE PROFESSIONAL MAGAZINE
NationalMortgageProfessional.com
30
CoreLogic has released a new default servicing platform to the mortgage industry that will streamline the way mortgage servicers manage loans through all stages of the default lifecycle. The new platform, named DefaultView, opens pathways between previously disconnected servicing functions, allowing a dynamic exchange of information across multiple departments. The platform offers nine modules that interconnect within its architecture to help provide a more efficient and transparent default servicing operation. DefaultView uses a master-loan architecture that offers a singular view of a loan. This design enables end users across a default enterprise to easily see a complete transaction history including workflow steps, resulting data, outcomes and all related documents and messages. By enabling top-down transparency across all relevant default departments and functions, the platform simplifies reporting and strengthens management oversight. “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-toend solution, or in configurable combinations suited to specific needs.” Built on an open-architecture foundation, this fully integrated, web-based platform brings together servicing data and functions to unify default servicing efforts. From loan modification decisioning through claims processing, DefaultView provides a single user interface (UI) accessed through a
secure, role-based logon to the platform portal. Users with role-specific permissions can transition between functional modules without ever leaving the platform. DefaultView also provides the ability to track specific historical activity throughout the loan default lifecycle, from creation to conclusion. “The beauty of DefaultView is that servicers can define their workflow and business rules,” said Chris Howard, vice president of technology solutions for CoreLogic. “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.” 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 shortand 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,” said Howard.
ServiceLink Releases HOA Management Solution ServiceLink has announced the availability of HOA Resolve, its proprietary system dedicated to homeowners association (HOA) management. ServiceLink has years of proven, dedicated experience in HOA management and that level of knowledge and first-hand experience is reflected in HOA Resolve. HOA Resolve prevents closing delays and mitigates lenders’ and servicers’ risk of overpayment by quickly identifying HOAs through direct access to information from Fidelity National Financial’s network of more than 5,000 local title agents and working with them to bring any outstanding fees current. This is accomplished through ServiceLink’s review of existing mortgage or title documents and verification against an internal database, as well as other drivers. ServiceLink then contacts the HOA regarding the status of the account to confirm all charges are within legally required limits and, if possible, negotiates the terms to reduce its client’s financial exposure. Once finalized, ServiceLink handles payments and processing to ensure there are no outstanding HOA title curative issues when the property goes under contract. The issue of HOA fees is a significant one for lenders in today’s market. When a financial institution takes possession of a property through foreclosure or through a bulk sale, for example, it may also assume the responsibility for any outstanding HOA fees or penalties tied to that property. ServiceLink’s HOA Resolve helps lenders by coordinating all open accounts associated
heard on the street
Real Property Decisions Releases Tool for Improved Diligence on Non-Performing and REO Assets Real Property Decisions has released its new Default Reconciliation Report, a valuation analysis service which provides mortgage servicers and investors with critical valuation information to supplement a broker price opinion (BPO) or appraisal. The Default Reconciliation Report meets the growing industry demands for a higher level of valuation diligence for non-performing and real estate-owned (REO) assets. continued on page 32
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an account executive for the Maryland territory for Interbank Mortgage Company. Mortgage Returns has named Jim Blatt as its new chief executive officer.
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cially important with the Dodd-Frank legislation looming. QuestSoft’s HMDA RELIEF managed the submission of roughly 25 percent of all funded applications in 2010. QuestSoft also offers Compliance EAGLE, an automated compliance review tool that helps financial institutions evaluate loan files for adherence to the full range of mortgage lending regulations, including Real Estate Settlement Procedures Act (RESPA), HMDA, Truth-in-Lending Act (TILA), Community Reinvestment Act (CRA), flood determination requirements and other consumer and predatory lending laws. The company also offers CRA RELIEF, which provides banks and other lenders specific tools designed to ease the collection, analysis and reporting of CRA data.
Paul Chevez has been named director of finance for Bay Equity Home Loans.
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LenderLive Network has named Patrice Power as its new senior vice president of marketing.
The Mortgage Bankers Association (MBA) has announced the following five individuals have received their Commercial Certified Mortgage Banker (CMB) designation: Thomas Bernaciak of First Housing Development, Cristofer Brown of Summit Investment Advisors, Thomas Cooley of CB Richard Ellis, Bradley Joyner of Mississippi Home Corporation, and Jay Pittard of EaseCap Holdings Inc. HomeStreet Bank has announced the addition of several former MetLife Home Loans team members, including Rose Marie David, Anthony Grasst, Natalie Overturf and Jeff Schaller. PrimeLending has announced the addition of Karyn Wilson as senior vice president, regional manager of the mid-Atlantic region. Inlanta Mortgage has added Branch Manager Mark Schulenberg to its Oak Brook, Ill. office. Greenlight Financial Services has named Michael Petree as president of its consumer direct mortgage platform.
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with a foreclosure and ensuring that they are closed upon finalization of the transaction. In doing so, ServiceLink is saving its lender customers, on average, more than $3,100 per foreclosure. “Lenders understand and expect to fulfill HOA obligations tied to their portfolio properties and in working closely with HOAs and their attorneys, we help ensure that those obligations are met and that the fees and dues are not above and beyond what is supported by the legal statute,” said Stacey Bayley, senior vice president of asset management and disposition for ServiceLink. “Through HOA Resolve, our lender customers are better positioned to quickly identify properties with HOA commitments and determine the correct settlement amount prior to closing.”
StreetLinks Lender Solutions has added a number of new additions, including: Shane Martin as vice president of national sales, Tony Gioia as vice president of external sales, Mark Tague as AVP of national sales for LenderX, Joel Munn as AVP of national sales, and Geoffrey Helmen as national account manager. Kevin Wall has been named senior vice president of the default services division for CoreLogic. Ryan P. Menery has joined the wholesale lending team as an account executive for ReverseIt!
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