First American First Lien Outsourcing, a member of The First American Corporation family of companies, has partnered with National Bankruptcy Services (NBS), a provider of bankruptcy administration and vendor management services, to jointly provide default management and administrative outsourcing services to mortgage lenders and servicers.
"NBS provides deep domain knowledge and subject matter expertise in bankruptcy," says Ty Miller, chief operating officer of First American First Lien Outsourcing. "Partnering with a firm known for its expertise in and proficient approach to default management provides enhanced value to First American and the clients we serve in the mortgage default space."
The partnership combines First American's foreclosure outsourcing expertise and default technology, including its automated default workflow solution VendorScape, with NBS's national bankruptcy outsourcing services to provide a seamless solution for complete default management.
"First American's VendorScape technology complements NBS' existing proprietary bankruptcy tracking software and provides clients with additional transparency at the loan and portfolio levels," adds Larry Buckley, executive vice president of NBS.
VendorScape will also be used to streamline the bi-directional communication between the parties and local bankruptcy attorneys, the companies say.