First American Default Technologies, a member of The First American Corporation family of companies and a provider of host-system integration technology, has launched the VendorScape Loss Mitigation module.
VendorScape Loss Mitigation evaluates loan properties, borrowers' interview results and financials, and recommends available workout plans. The solution leverages the VendorScape platform to improve coordination between all parties, streamline processes, reduce investor losses and create the best case workout solutions, the company says.
Clients can configure custom business rules that extend beyond standard investor guidelines. The system automates processes and enables electronic ordering of third-party loss mitigation services, including broker price opinions, documents and credit reports.
‘We are aligning the servicer, attorney and all parties involved in the workout process on a common platform,’ states Bob Thornton, president of First American Default Technologies. ‘Everyone's goal – from the servicer to the consumer – is the fastest, most accurate workout. This solution promotes consistency, addresses rapidly changing regulations, and quickly and accurately processes and completes workouts.’
VendorScape Loss Mitigation includes a rules-based intelligent interview, streamlined income, asset and liability analysis and an automated workout determination. Additionally, the module incorporates gain and loss analysis, Internal Revenue Service standards, an analytical calculator and post-workout compliance monitoring and reporting.
Source: First American Default Technologies