Mortgage technology provider ISGN has enhanced its Web-based, end-to-end default management platform, Tempo, by adding new features that help servicers, attorneys and vendors manage and track the default lifecycle from the beginning of retention review all the way through to liquidation, including bankruptcy and foreclosure attorney processes.
Among the enhancements is a quality right party contact (QRPC) call center feature that enables users to log all incoming and outgoing calls, reporting important elements such as the caller's attitude, whether the caller was an authorized third party, and the call start and stop time.
The platform also now sports enhanced document tracking that enables users to create a checklist of all documents needed to complete a referral, then track those documents based on referral type and subtype. This ensures servicers and all involved parties meet process requirements and milestone deadlines, the company claims in a press release.
Tempo users can then automatically generate and upload a package within the platform to a specified FTP site for printing. Tempo also now features a common borrower financial history screen, which displays the borrower's financial obligations and assets, as well as a common borrower discovery screen that reveals why the borrower defaulted on a loan.
Other enhancements include loss mitigation and early intervention setup, which enables users to set up and track the retention or liquidation process, and self-managed dynamic data forms that allow servicers to easily add events or tasks for completion. With Tempo, servicers can configure and manage their own workflow rules with minimal to no IT resources. Providing servicers with complete ownership of these tasks eliminates the risk of attorneys accidentally completing a servicing step.
‘Tempo's tracking, communication and reporting functionalities are more intuitive than ever before, providing servicers the ability to easily find the information they need, when they need it,’ says Paul Imura, chief marketing officer for ISGN, in the release.
Imura adds that the new features could prove valuable in the event mortgage delinquencies and defaults increase again.
‘We anticipate defaults to increase over the intermediate term because of the millions of mortgages originated in the past three years coupled with credit underwriting guideline expansion,’ he says.