Mortgage Contracting Services (MCS), a nationwide property preservation and inspection services provider to the financial services industry, announced that 2009 was a pivotal year in continuing operations to further assist its clients in rebuilding communities across America. These efforts varied from prominent executive changes to improvements in operations and vendor management procedures, as well as expanding its technology’s functionality and enhancing quality assurance and business security performance.
Caroline Reaves, CEO of Mortgage Contracting Services, explained, “The industry in which we work is by no means static, but rather ever changing in so many regards. It is our responsibility to provide clients with innovative solutions for mitigating financial risk and preserving the integrity of our neighborhoods.”
One of the most noteworthy changes occurred late in 2009 when Reaves, who has more than 25 years in the industry, was named CEO. She joined MCS in October 2007, and has already made significant strides in furthering MCS’ role in the default sector, entering new arenas and identifying opportunities for growth. Equally notable is the fact that the company also made 12 other executive level promotions in 2009, and added three senior executives each averaging 18 years in servicing and banking. MCS has built a management team with more than 180 years combined experience in these industries, rivaling that of any field preservation company.
Throughout the year, MCS also continued providing its clients with personalized technology solutions, allowing them to spend less time worrying about field services and more time focusing on aiding troubled mortgagors. The company successfully integrated its automated workflow application, MCS360, with NetDirector’s occupancy verification interface to electronically give an occupancy verification status to the attorney or trustee without human intervention. In doing so, MCS distinguished itself as the first field preservation company to establish this direct connection with attorneys.
Additionally, MCS launched a mobile technology platform enabling inspectors to upload information, particularly photo images, from the field in real-time. This is only one of more than 400 system enhancements the company migrated in 2009 to better configure MCS360’s functionality to each client’s unique business needs.
Accompanying the advancements to its IT platform, MCS also made significant progress in expanding its quality assurance efforts. As legislative changes in 2009 on both local and national levels prompted quality assurance improvements to ensure the most accurate monitoring and minimize client risk, MCS increased vendor and internal quality audits 500 percent. By conducting a greater volume of contractor audits, MCS can measure performance and assure its clients of consistent, timely execution. To further this effort, MCS implemented satellite imagery for visual, up-to-date assessments of property conditions.
Vendor management was critical in 2009 as well due to servicers’ mounting inventories. MCS responded by doubling its vendor capacity, which enhanced the coverage and timeliness of its contractor network’s performance. MCS also took the quality of performance into consideration in 2009 and extended its vendor training program, creating an entire team devoted to vendor management and implemented a vendor mentoring program to streamline the on boarding process without sacrificing knowledge of procedure and policy. Several classes were added to the vendor curriculum, as well as the introduction of live vendor support.
Reaves continued, “Through almost three decades, MCS has maintained a scalable infrastructure enabling the company to support any client, regardless of its size. We can adapt to their evolving needs for technology, customer service and capacity. Our unprecedented accomplishments in 2009 have positioned us to take on the increasing challenges of rebuilding communities in 2010 and beyond.”
For more information, visit www.mcs360.com.