Warren, Mich.-based Five Brothers, a nationwide provider of commercial and residential mortgage default management solutions, has released its QuickData HUD P260 bid data input service.
The new service – available exclusively to users of Five Brothers Field Service Solutions – provides efficient data entry, including photo transfers, into the Department of Housing and Urban Development's (HUD) new P260 Portal, the company says. Lenders use the portal to upload information such as pre-conveyance requests and scans of title documents.
Notification of completed data input is posted to the company's FiveOnline asset preservation workflow management system, which is Web-based and accessible 24/7. Using the HUD P260 Portal – which Five Brothers notes became effective April 7 – mortgage servicers accept and submit pre-entered bids.
"QuickData is a simple solution that eases the strain on client resources resulting from the current uptrend in loan defaults," says Five Brothers CEO Joe Bada. "We saw a need from our customers to ensure compliance with HUD requirements, without sacrificing efficiency, so we took that opportunity to help by simplifying their workload."
SOURCE: Five Brothers