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DRI Management Systems launches Rincon default management platform

NationalMortgageProfessional.com
Aug 23, 2010

DRI Management Systems Inc., a provider of default process management software, has announced its new Web-based loan servicing application for the mortgage industry, Rincon. The Rincon platform sets new standards for performance in default management software, a technology segment virtually created in 1985 by DRI and its Chief Executive Officer Duke Olrich, during the savings and loan crisis. Back in those pre-Internet days, the levels of functionality now available in Rincon could only be imagined. The same could be said in today’s financial crisis, in which overburdened servicers struggle to keep pace with huge demands for borrower assistance. Rincon is specifically designed to help relieve the most nagging and expensive of these problems, doubling or tripling the workload each servicing specialist can handle. Rincon (named by surfing enthusiast Duke Olrich for a legendary California wave spot) includes four modules in its initial release: ► Loss Mitigation ► Bankruptcy ► Foreclosure ► REO   Building on more than 25 years of hard-won practical experience with DRI’s default management software, the new platform zeroes in on servicers’ most critical issues. First, the .Net browser-based platform is designed for accelerated deployment and easy implementation. Secondly, the designers were sensitive to servicer input and built the system with very robust workflow processes, supported by user-defined and automated business rules. This specification was especially important, as servicers desired to enable each borrower-facing associate to manage significantly more cases than they are currently able to handle without the technology. The Web-based design embeds letters, forms and other essential workflow items into the automated environments of each specialized module, along with pre-authorized lender and investor parameters and workout modeling. All essential third-party services are available with a DRI-sponsored vendor network and can be ordered either as needed or automatically by the rules engine. Examples of these required services include inspections, broker price opinions, appraisals, credit reports, title reports, skip tracing, flood certifications and bankruptcy and foreclosure attorney referrals. With DRI’s automation, modifications and other types of workout arrangements can be effected on a single phone call with many borrowers. “The goal,” said DRI Management Systems CEO Olrich, “is to empower and enable one person to do the work of two or even three, using automation designed to work seamlessly with existing servicing systems.” Default management technology has never been more important than now, Olrich feels, based on more than two decades of building solutions to make servicers more effective. “This mortgage crisis makes all previous ones pale by comparison,” he says. “Without well-designed and well-executed technology assistance, lenders and servicers are at a great disadvantage in dealing with this volume of defaults.”   Steven Horne, CEO of Wingspan Portfolio Advisors, a Dallas-based specialty servicer, agrees. “We are in the business of finding ways to save loans from foreclosure. Without DRI’s technology, our success rate would not approach the levels we are currently seeing,” he says. “We are now deploying Rincon’s stratospheric new capabilities and are already seeing the tremendous impact it can make in managing defaulting loans more effectively,” Horne notes. “Not only does the technology aid us in handling cases more swiftly and efficiently, it ultimately is helping us keep more families in their homes.” For more information, visit www.DRIDefault.com.
Published
Aug 23, 2010
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