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| Topic: | Foreclosure Referrals Challenges | TP-211 | ||
| Keyword: | Foreclosure | |||
| Reply: | Reply to this topic | |||
| Visionet Systems | Email | Contact | Postings | Edit | CT434128 |
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VisiFRS
Foreclosure Referrals Challenges Foreclosure Referral is generally a manual process requiring information collection from Servicing System and other sources. The servicer must comply with strict investor timeframes and guidelines. The cost of preparing a Foreclosure Package is high and requires close scrutiny. The manual ordering of NOI (Notice of Intent) could be delayed or a NOI could be triggered in error as the process is not governed by a rules based system. Referral delays cause losses which could be avoided. Most servicers have no “First Legal Action Due Date” monitoring automation. VisiFRS® Provides Rule based application that will pull Servicing System Data and/or images during the default timeline to create NOI and Foreclosure Referral Letters. Exception handling queues provide warning when approaching critical dates. Reduces error rates and avoids litigation. Catches exceptions sooner rather than later. Improves department productivity and efficiency. Provides task and team queues to manage workload and resources. Improves tracking of requests and provides a real-time management portal. Reduces FHA and VA interest curtailment for missing first legal and cutoff dates. Exception based system allow users to focus on exceptional activity instead of filtering the work from the entire population. Re-generation of NOI when needed. VisiFRS: Automation of Processes Extracts NOI candidates automatically Creates NOI exception Task List Produces NOI and monitors NOI status Computes & assigns First Legal Action due date Monitors First Legal Action due date Monitors investor specific guidelines Creates Foreclosure Referrals exception queues Creates Foreclosure Referrals print queue Produces Foreclosure Referral Package Monitors each exception and assigns tasks to users User friendly screens allow the user to fix exceptions confidently and quickly Completed tasks auto generate next activity or follow-up as needed Supervisor can monitor analyst productivity and task tracking Task prioritization and rules based escalation of issues www.visionetsystems.com/visifrs.htm |
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