SMART Servicing, an affiliate of Steel Mountain Capital Management, is offering new software that provides the residential mortgage loan market with loan level information designed to help users control loss severity.

The application, Servicing Management Asset Recovery & Tracking, is designed to work in conjunction with existing servicing systems and loss mitigation processes.

Customized screen views allow users to track and summarize more than 740 loan level characteristics and related daily servicer actions. The SMART database is updated nightly with proprietary scripts via a user's existing servicing data.

"SMART is designed to remove loan level decision barriers that are so often found in traditional servicing systems and processes," said Kelly Wayne Garland, managing partner of Steel Mountain Capital Management, Denver.

SMART views include historical borrower activity, daily servicer collection comments, and daily updates of loss mitigation activities (modification, cash for keys, deed-in-lieu, forbearance).

It also includes bankruptcy, foreclosure actions and timeline management functions, payments received and corporate/escrow advance activity, historical BPO value tracking and REO process review and listing management.

Collateral document location is included as well as tracking the chain of assignment, endorsement review, on-screen examination of actual BPO and collateral document images.

In addition, SMART tracks the original purchase and recovery information of an asset as well as the more typical secondary market loan level origination and trading information.

Post liquidation, SMART provides a repository for historical information providing trending and benchmark review for future pricing, recovery projections and analysis.

In other software news, data mining automation solutions provider KXEN said that Equifax Capital Markets is using KXEN technology to boost its data mining and predictive modeling capabilities.

Via its relationship with KXEN, Equifax can now build models faster and identify variables that are most predictive of mortgage loan default and delinquency. Combined, Equifax and KXEN offer investors with access to data sources and tools that offer precise indicators of securitized loan performance.

With KXEN technology, Equifax can quickly analyze data and conduct data mining and variable reduction exercises. KXEN technology isolates selected credit variables in order to build accurate and reliable models. This added speed and scalability allows rapid testing and delivery of the credit data to the MBS marketplace.

Recently, Equifax added several data variables to its ABS Credit Risk Insight. This solution offers investors increased visibility into borrower credit health by giving detail on all mortgage and home equity payments, owner-occupancy, bankruptcies and performance on past mortgages.

A fully automated solution, KXEN's software embeds predictive analytics into key business processes and strategic solutions.  

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