Indecomm Global Services, a business process outsourcing company, is expanding the functionality of ViewPoint, a platform which enables financial institutions to reduce business risk on their loans through real-time tracking of final document submissions from title agents and correspondent lenders. The platform provides enhanced client access, performance scorecards and transparent web-based access to correspondent lenders and agents.
ViewPoint addresses one of the most serious flaws exposed by the mortgage crisis: the manual and completely reactive processes associated with tracking the recorded lien and title insurance status on mortgages. ViewPoint provides a real-time view into the status of these final documents. Managing manual workflow processes for final documents can be time consuming and expensive. In addition, lenders may not receive the final documents in a timely fashion, thereby exposing them to increased business risk. It is not unusual for a 180-day backlog to emerge when the documents are handled manually.
“The generation of final documents is often an orphan process in any lender’s organization because it usually happens at the tail end of the loan,” said Rajan Nair, president, financial services division, Indecomm Global Services. “Yet without these final documents on hand, the lender doesn’t have proof that the mortgage was properly recorded. If, as often happens, there is a long delay in recording or there were errors in the recording, then lenders may incur losses due to loan re-purchase in the event that final documents requirements were not fulfilled. Similarly, the foreclosure can get delayed and compromised if the lender does not hold the lien position on a property due to delayed recording of the mortgage. Our ViewPoint platform provides lenders a cost effective solution to identify at risk loans as well as underperforming title agents and correspondent lenders.”
Lenders using ViewPoint have visibility into metrics such as how well their portfolio and the agents and correspondent lenders are performing vis-à-vis expected return dates for the final documents. ViewPoint’s scorecard capabilities can show lenders how agents and correspondent lenders are performing against their counterparts. A graphical breakdown of outstanding final documents by age and the ability to drill down into the files for more details is also available to users. The solution also allows the user to go directly to the county’s recording website and access the latest recording status and information on the mortgage. The drill down transparency to the status and documents provide lenders confidence about the accuracy of the underlying information. The system can create a variety of final document reports by states, investors, loan pools, correspondent lenders or title agents.
“By combining Indecomm’s global outsourcing services with our final documents tracking system ViewPoint, clients get best-of-breed software, while paying for it on a per document basis,” Nair said. “This approach allows our clients to address the final documents challenge with a scalable and completely variable cost solution.”
ViewPoint is part of broad set of technology platforms that Indecomm has developed, including Dynamic Doc Hub, InteleDoc Direct, iTitleHub and Indecomm Mortgage Mentor. These platforms help customers reduce business risk and improve efficiencies.