Data provider CoreLogic today released a new default servicing platform to help streamline how mortgage servicers manage loans in all of the default lifecycle stages.
The new platform called DefaultView opens pathways between previously disconnected servicing functions, allowing a dynamic exchange of information across multiple departments. The platform offers nine modules that interconnect within its architecture to help provide a more efficient and transparent default servicing operation.
DefaultView uses a master-loan architecture that provides a singular view of a loan. This design allows end users across a default enterprise to easily look at complete deal history that includes workflow steps, resulting data, outcomes as well as all related documents and messages. By allowing top-down transparency in all the relevant default departments and functions, the platform simplifies reporting and strengthens management oversight.
“DefaultView is one of the most transparent and cohesive solutions for managing default,” said Kevin Wall, senior vice president of Default Services for CoreLogic. “This platform is unique in that it uses a unified approach to give servicers an unprecedented level of visibility into the path of a loan in default from beginning to end. All modules can be used together as an end-to-end solution, or in configurable combinations suited to specific needs.”
Based on an open-architecture foundation, this fully integrated, Web-based platform unites servicing data and functions to bring together default servicing efforts.
From loan modification decisioning up to claims processing, DefaultView offers a single user interface that is accessed via a secure, role-based logon to the platform portal. Users that have role-specific permissions could transition between functional modules even without leaving the platform. DefaultView also enables users to track specific historical activity throughout the loan default lifecycle or from creation to conclusion.
Chris Howard, vice president of technology solutions at the firm, said that the product will be useful for all decision makers at a mortgage servicer given its flexibility and the extent of its reach.
“The beauty of DefaultView is that servicers can define their workflow and business rules,” he said. “The platform can be adapted to integrate a servicer’s existing technology, so there’s no need for expensive programmers to rewrite code or manage configurability. This product will be key to remaining nimble in a very dynamic default market.”
Seamless integration together with the comprehensive scope of the platform will allow servicing firms address a wide array of concerns. “DefaultView will not only shrink bottom-line costs by boosting accuracy and efficiency, but also improve short- and long-term operations for servicers of all sizes and with all loan volume levels, which will ultimately support the health of the servicing industry as a whole,” Howard said.