Many of the latest advancements in mortgage servicing technology focus on firms that specialize in defaulted loans. Both default and primary servicers are turning to technology for help growing.
A report announced last month by Aite Group suggested that default processing remains largely underserved by investment in upgraded technology. The report profiles default management solutions provided by Akcelerant Software LLC, CGI Technologies & Solutions Inc., CSC, FICO, Fiserv Inc., FIS, Lender Processing Services Inc. and Shaw Systems Associates Inc.
“For the majority of lenders, managing non-performing loan portfolios with one-size-fits-all technology will fail to adequately reduce losses,” Aite Senior Analyst Christine Pratt said in the statement. “Strong evidence suggests that vendors that have invested in upgrades, embraced new deployment models and expanded pricing options to address the needs of today’s lenders will find securing new business comparatively easy going forward.”
Distressed-loan servicer Wingspan Portfolio Advisors signed on as a customer of IndiSoft to use its RxOffice line for borrowers who don’t qualify for loan modifications or that have no hope of curing, a Feb. 3 press release indicated. IndiSoft says the RxOffice portals ensure transparency for all parties to a short-sale transaction.
Residential Credit Solutions deployed the RxOffice loss mitigation module in October, IndiSoft previously reported.
That same month, DRI Management Systems said that Carrollton, Texas-based Wingspan had upgraded from its Windows-based default solution to the Rincon platform. Wingspan reportedly became the first to adopt the Rincon platform because of the speed, flexibility and customized features needed to support rapid growth.
On Tuesday, DRI disclosed that Rincon was renamed DRI Office.
A Web-based application solution has been developed for the LSAMS servicing system, ISGN announced Tuesday. The Bensalem, Pa.-based firm claims the new service enables servicers to connect legacy applications to the Internet. Rollover menu selections, function key buttons and calendar widgets for date input fields are also included.
Last year, ISGN said its quality assurance and review services cover all activities from loan audits and underwriting reviews to loan modification reviews to foreclosure documentation.
More importantly, according to ISGN, the services help prevent repurchases are well as cut down on legal expenses.
An integration of GCC Servicing Systems with Five Brothers promises easy management of property inspections completely from the G/SERV mortgage servicing platform, a Feb. 15 statement said.
Last month, Southfield, Mich.-based GCC touted its new customer VanDyk Mortgage Corp., a company that has reportedly closed more than $5 billion since opening in 1987. VanDyk grew its servicing volume by 75 percent last year.
“GCC’s G/SERV platform helped make this growth possible with automated reporting capabilities that enable VanDyk to automate compliance with investors’ specific requirements, as well as those of federal and state agencies,” the statement said.
Before that, Gateway Mortgage Group LLC signed on with GCC. Tulsa, Okla.-based Gateway serviced more than $600 million in mortgages as of July 2010.
Fiserv Inc. recently announced that it ranked first in North America and fourth overall in Chartis Research’s RiskTech100 2010, an annual study of the top global technology firms active in risk management. The Mortgage Daily advertiser provides mortgage servicing software.
Fiserv — which Monday announced an iPhone application for its mortgage servicing software — reported last year that it renamed its loan servicing platform LoanServ. The technology had previously been sold as the Loan Servicing Platform from Fiserv.
