Visionet Systems has announced the general availability of the newest versions of its VisiRepurchase and VisiClaims products on Oct. 1st, 2009. VisiRepurchase is used to manage residential mortgage repurchase demands by investors. Its sister product, VisiClaims, is used to initiate claims in line with the parameters of various seller’s agreements. These software solutions increase the number of successful appeals and claims. They improve efficiency by automating routine operations, leveraging skills, enforcing rules and reducing costs for the risk operations department. VisiRepurchase and VisiClaims are the only out-of-the-box products in the market that handle complex end-to-end repurchase demands and claims for residential mortgages.
VisiRepurchase, originally launched in July of 2006, was designed to manage 400 to 500 demands per month, the average repurchase volume at the largest US banks at that time. However, the recent meltdown has pushed the repurchase activity to an unprecedented level. In many cases 5,000 to 10,000 repurchases and claims per month are the norm at the top US banks. Visionet redesigned VisiRepurchase and VisiClaims to manage these larger loan volumes and hundreds of additional users. The solutions can support bulk repurchases, appeals, demands, claims, and data updates. Both products utilize state-of-the-art workflow and rules engine technologies and can be quickly reconfigured to satisfy changing business and regulatory needs.
Visionet has added several standard reports that provide up-to-date portfolio risk information to the chief risk officer or CFO, so regulatory requirements are met in a timely fashion. These reports provide real-time visibility of repurchase and claims pipelines and assist in the enforcement of deadlines. A central portal is provided to connect disparate risk management organs within the bank.
For more information, visit visionetsystems.com/mortgage.htm.