CoreLogic has released a new default servicing platform to the mortgage industry that will streamline the way mortgage servicers manage loans through all stages of the default lifecycle. The new platform, named DefaultView, opens pathways between previously disconnected servicing functions, allowing a dynamic exchange of information across multiple departments. The platform offers nine modules that interconnect within its architecture to help provide a more efficient and transparent default servicing operation.
DefaultView uses a master-loan architecture that offers a singular view of a loan. This design enables end users across a default enterprise to easily see a complete transaction history including workflow steps, resulting data, outcomes and all related documents and messages. By enabling top-down transparency across all relevant default departments and functions, the platform simplifies reporting and strengthens management oversight.
"DefaultView is one of the most transparent and cohesive solutions for managing default," said Kevin Wall, senior vice president of default services for CoreLogic."This platform is unique in that it uses a unified approach to give servicers an unprecedented level of visibility into the path of a loan in default from beginning to end. All modules can be used together as an end-to-end solution, or in configurable combinations suited to specific needs."
Built on an open-architecture foundation, this fully integrated, web-based platform brings together servicing data and functions to unify default servicing efforts. From loan modification decisioning through claims processing, DefaultView provides a single user interface (UI) accessed through a secure, role-based logon to the platform portal. Users with role-specific permissions can transition between functional modules without ever leaving the platform. DefaultView also provides the ability to track specific historical activity throughout the loan default lifecycle, from creation to conclusion.
"The beauty of DefaultView is that servicers can define their workflow and business rules," said Chris Howard, vice president of technology solutions for CoreLogic. "The platform can be adapted to integrate a servicer's existing technology, so there's no need for expensive programmers to rewrite code or manage configurability. This product will be key to remaining nimble in a very dynamic default market."
Seamless integration coupled with the comprehensive scope of the platform will allow servicing businesses to address a wide spectrum of concerns.
"DefaultView will not only shrink bottom-line costs by boosting accuracy and efficiency, but also improve short- and long-term operations for servicers of all sizes and with all loan volume levels, which will ultimately support the health of the servicing industry as a whole," said Howard.