DRI Management Systems Inc., a provider of default process management software, has announced that it has shipped Version 1.4 of its flagship technology, adding new functionality with several new modules to help servicers achieve increased success in servicing defaulting mortgages. Previously known by its development code name, “Rincon,” and now officially relabeled “DRI Office,” the platform represents the next level in technology specifically created to relieve mortgage servicers' workloads and dramatically improve their results.
Until now, DRI’s platform had modules providing automation for loss mitigation, bankruptcy, foreclosure and real estate-owned (REO) properties. The new version of DRI Office includes:
►A litigation module and model office workflow;
►An administration module with the ability to track any process with a servicers’ custom workflows;
►A services ordering module for automated ordering of credit, valuations (such as AVMs, BPOs and full appraisals), field services, IRS Form 4506-Ts, Social Security Number verifications and other services;
►An enterprise content management system referred to as the Bulletin Board, which can display important messages and store notes indexed to workflow or specific documents, as well as handling other critical documents and images.
►DRI Broker, which integrates an online communications capability with the DRI Office platform to address the needs of both the asset manager and the R/E Broker.
“In addition to the current volume of delinquencies and defaults, capacity planning issues have made life more complicated for servicers,” said Fred Melgaard, DRI’s executive vice president. “DRI Office takes a huge burden off servicers by accelerating processes and keeping their most experienced people from getting bogged down.”
DRI Office is the result of 25-plus years of experience with default management technology, and was engineered to solve real-world problems being faced every day by mortgage loan servicers. To achieve this next-generation level of productivity, workflow processes had to be built based on solid domain expertise and with robust capabilities for servicer customization. User-defined business rules and task automation had to be easily crafted to reflect preferred business practices among each servicer, whether handling primary loan service functions or highly niched ones such as those performed by specialty servicers.
“Main servicing platforms were never designed to provide specialized default processes, and servicers need sophisticated capabilities to deal with defaults more than ever before,” said Duke Olrich, DRI’s founder and chief executive officer. “Fortunately, these technology tools servicers require have evolved greatly, culminating with this release of DRI Office.”
For more information, visit www.DRIDefault.com.
