Default service providers are busy this week touting their wares as mortgage servicers converge in Florida. Products being promoted include those that identify property association liability and platforms for the entire default loan process.
More than 150 exhibitors were registered for the Mortgage Bankers Association's National Mortgage Servicing Conference & EXPO 2012 being held this week at the Orlando World Center Marriott.
Many of the exhibitors hope to entice mortgage servicing executives to utilize various services for defaulted loans.
Stewart Lender Services is exhibiting at the event. The Houston-based service provider said last week that its Rental Management Solutions now provides national property management services. The offering combines on-site presences through a local property manager with a national network platform.
"Rental Management Solutions is a win-win for all," Stewart executive Ken Blevins said in the statement. "It addresses pending government programs, offers a compliant rental solution to expediently place qualified renters into vacant homes, helps to alleviate the overhead of managing vacant REO properties, and aids in restoring communities heavily hit by the mortgage crisis."
Another exhibitor, CoreLogic, said Tuesday that it released DefaultView, a new default servicing platform to help servicers manage loans throughout the entire default cycle. The offering utilizes a "master-loan architecture" that promises a singular loan view and provides end users across a default enterprise with a complete transaction history.
"DefaultView opens pathways between previously disconnected servicing functions, allowing a dynamic exchange of information across multiple departments," the Santa Ana, Calif.-based firm stated. "The platform offers nine modules that interconnect within its architecture to help provide a more efficient and transparent default servicing operation."
Another MBA exhibitor, Sperlonga Data and Analytics, said Tuesday that it expanded a service that alerts mortgage firms when borrowers fall behind on their homeowners association dues. The service, dubbed Life of Loan Association Surveillance, helps lenders and servicers identify upcoming mortgage defaults since borrowers tend to miss their HOA payments before missing a house payment.
ServiceLink said it expected to announce the availability of HOA Resolve at the servicing conference. The Pittsburgh-based firm, which claims 15 of the 20 biggest lenders and servicers among its clients, said HOA fees have become a significant issue in today's market. HOA Resolve identifies associations through direct access to information from Fidelity National Financial's network of more than 5,000 local title agents. The service works with the title agents to bring any outstanding fees current.
RADAR was announced Wednesday by Decision Ready. The technology was designed for the disposition of defaulted mortgage assets. Servicers are able to apply disposition strategies sooner following a loan default, leaving more options available.
The Default Reconciliation Report was released Monday by Real Property Decisions. The valuation analysis service reportedly provides servicers and investors with valuation information to supplement a broker price opinion or appraisal. The report meets increased requirements for a higher level of valuation diligence on non-performing and REO assets.
IT Services Group was launched by ISGN Corp., according to a Feb. 15 news release. National Bankruptcy Services was among the first clients of the new unit. A jointly developed application enables National Bankruptcy Services to keep track of its clients' bankruptcy payments and remittances.
Quandis Inc.'s military search service was integrated with KMC Information Systems, L.C.'s, CaseAware. The offering helps attorneys and servicers identify active military personnel among defaulted borrowers. The application helps maintain compliance with the Servicemembers Civil Relief Act of 2003, which requires that a special process is followed before foreclosing on borrowers who are active in the military.