Mortgage Contracting Services (MCS), a nationwide property preservation and inspection services provider to the financial services industry, announced that it has partnered with Dallas-based HomeTelos to streamline communication between servicer clients and their investors. The relationship involves MCS’ integration with HomeTelos’ Property Preservation/Field Services Web-based platform for managing assets in pre-foreclosure through REO that automates workflow resulting in real-time communication. This platform includes an electronic bid submission system that houses mission critical preservation data for investors, such as photo documentation, damages and approvals.
“The default servicing sector is very time sensitive, so any opportunity to shorten the timeframe in the preservation approval process--while not also jeopardizing accuracy--is paramount,” said Caroline Reaves, chief executive officer of MCS.
Previously, MCS would send contractors to a property for obtaining a bid to make repairs, which then involved manual entry into MCS360, the company’s automated workflow application. A processor would next review the information for accuracy and, once validated, enter the data--line by line--into the HomeTelos system to be approved or denied by an investor. The enhanced solution eliminates the duplicity of entering information into two distinct platforms. Once obtained and reviewed for accuracy, the bid automatically flows from MCS360 to the HomeTelos system for the processor to validate and then transmit to the investor for approval.
“HomeTelos is proud to team with MCS on this strategic project so that together we deliver more value to our shared clients," said HomeTelos’ President Stephen Polley. "This economy is presenting new challenges to our industry daily, and the open design of our platform enables us to respond quickly to integration opportunities that improve transaction quality, transparency and accuracy, while enabling a more efficient and scalable workflow solution.”
The integration enables MCS to now submit bids to investors in real-time, as opposed to the previous 24-hour delay in processing. In eliminating manual entry, accuracy of the information provided is improved, as are overall workflow efficiencies and associated costs. And just as MCS maintains a scalable infrastructure to support the needs of any client, the HomeTelos platform has the flexibility to respond to varying demands in volume.
“Timeliness is just one component of keeping the risk associated with defaulted properties to a minimum," said Reaves. "Working with HomeTelos to automate the creation of bids, we can fulfill that interest for our clients as well as complement it with full data redundancy, security and accuracy.”
For more information, visit www.hometelos.com or www.mcs360.com.