A key ingredient to making it work includes codified algorithms designed by the company to help improve workflow management and also understand and interact with owners in their situations.
The company touts its technology as the first of its kind in mortgage default management, something that can replace legacy systems and disparate technologies with a connected infrastructure that unites every process and procedure within the loss mitigation chain. .
Added features include a guided mobile and desktop interface that gives consumers round-the-clock access to apply and monitor their app. After an app is submitted, service-side workflow and tasks are automated, the company said, adjusting live to each incremental data point. According to the company, this process is designed to increase team productivity and service margins. Live reports are also provided for every step of the process so team management can be responsive, and it helps with audit trails.
The most difficult area
According to Rachmel, dealing with owners who can no longer make payments is the most difficult service area, and there is a serious need to modernize the process.
Helping to improve the system improves the process for the bank or lender, the consumer and the loan investor, he noted.