ISGN, a provider of end-to-end technology solutions and services to the U.S. mortgage industry, has added new features to enhance its LenStar Default Management Service, providing servicers with the flexibility to create and set up their own business rules to more efficiently manage the default process with their attorneys and other vendors. The new LenStar features include vendor integration that provides real-time data exchange between LenStar servicers and their attorneys’ case management systems; and the flexibility for servicers to manage their vendor network through workgroups, bulletin boards, messaging and the approvals process. And the new features, offering seamless integration of LenStar and its vendor network using web services, are available at no cost to users, unlike other systems which charge for their services.
The LenStar Default Management Service connects servicers with their chosen attorneys and automates the distribution of data between the servicer’s desktop and their attorney’s case management system. LenStar interfaces with all major servicing platforms. As delinquent loans and foreclosures remain on the rise, the challenge for servicers is managing their vendors through the default process in this increasingly volatile environment. The new LenStar features give servicers the ability to manage the sub-processes within the default process. The vendor integration feature improves the communication between attorneys and their LenStar clients, allowing attorneys to work out of their own case management systems while gaining real-time access to LenStar and their servicer clients. This provides faster turnaround times for attorneys and LenStar clients.
LenStar servicers can set up their own business rules and manage their vendor network with the new bulletin board feature, enabling them to communicate globally with their vendor network and also specifically to vendors and attorneys. The new workgroup function allows LenStar servicers and their vendors to manage exceptions and workflows based on the servicer’s business requirements. The new approval process feature enables servicers to manage the process within their guidelines, giving them more controls over it. With the messaging feature the LenStar servicer is able to interact with internal users within its own organization or with their attorneys.
“The new enhancements to LenStar allow servicers to manage the default servicing process more efficiently as they gain the flexibility to establish their own business rules and communicate these procedures in real-time to their attorneys,” said Dave Heigl, senior director of servicing products at ISGN. “The new LenStar features will enable servicers to better manage the escalating volume of defaulted loans, and subsequent foreclosures and short sales.”
For more information, visit www.ISGN.com.
