DecisionReady, a provider of default servicing compliance solutions, has announced the release of its pre-foreclosure review module for the DecisionReady Compliance Suite on its cloud-based technology platform. The pre-foreclosure review module operates like a compliance quality control (QC) checklist, enabling servicers to confirm they have done everything required in reviewing a delinquent mortgage loan. It manages the remediation process to resolve exceptions and ensure compliance prior to initiating foreclosure. For instance, servicers must ensure all viable options have been exhausted to help people stay in their homes before moving forward with a foreclosure.
“Servicers now can show that they have made the right decision in accordance with their policies and procedures”, said Felix Veski, senior vice president of marketing. ”Furthermore, DecisionReady’s cloud technology enables incredibly fast and rapid solution deployment with minimal upfront capital investment to quickly respond to regulatory changes.”
The pre-foreclosure review module is included in the DecisionReady Compliance Suite for default servicers, which is available to servicers through a Web-based portal that adds process compliance and audit capabilities to the major servicing systems. The DecisionReady platform contains industry specific knowledge of default servicing and it allows servicers to layer on applications from the compliance suite for specific lines of business, including home retention and foreclosures. Within each application servicers can configure specific rules to address the business needs of the audit, risk, governance and compliance groups.
In addition to the new pre-foreclosure review module, DecisionReady offers modules for collection, short sale review, foreclosure sale date postponement, foreclosure compliance for multiple investors including Fannie Mae, Freddie Mac and the U.S. Department of Housing & Urban Dervelopment (HUD), and execution of the affidavit of indebtedness documents to address robo-signing challenges.
“The DecisionReady platform allows for the easy customization of rules to conform to each servicer’s individual policies and their interpretation of investor guidelines,” said Claudia Sanchez, chief operating officer of DecisionReady. “Our pre-foreclosure review module provides servicers with qualitative process compliance, by turning each step in the loss mitigation process into auditable decisions that each servicing associate needs to make, and then it documents all of that to ensure consistency, fairness and accuracy.”
For more information, visit www.DecisionReadySolutions.