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First American Default Technologies Upgrades Servicing Software
By James Comtois
In order to deliver new workflow automation and default referral types, a default mortgage servicing software provider has launched a new version of its flagship product, which is of the mortgage servicing industry's most advanced case management workflow and vendor communications system.
First American Default Technologies, a member of the First American Corp. family of companies, has released VendorScapeCMS 3.7, the company's automated, configurable workflow software system for the mortgage servicing industry. Supporting workflow-based case management, vendor communications and process automation for a range of loan servicing platforms and document imaging systems, this is the seventh consecutive on-time quarterly enhancement to the VendorScapeCMS system.
This generation of VendorScapeCMS introduces new workflow and automated functionality to streamline default servicing processes, reduce costs and mitigate risk. Added features include bankruptcy payment history; message prioritization and escalation; fraud, junior lien and reverse mortgage referral types; and related case links.
"First American continues to invest heavily in the VendorScapeCMS system to provide functionality that supports risk reduction and cost-take-out strategy for servicers," said Chris Leavell, chief operating officer of First American Default Information Services in a statement.
Separately, sister company First American LoanPerformance recently released version 1.2 of its PreTell Prepayment Scoring System. This newest version has expanded the types of loans scored and has added a new set of Cross-Sell Scores for enhanced cross-sell and new customer acquisition.
PreTell 1.2 now scores 22 mortgage products including prime, subprime and alt-A 15-year and 30-year fixed-rate loans, as well as prime and nonprime hybrid adjustable-rate mortgages. The newly added Cross-Sell Scores are designed for financial institutions wanting to market mortgage products to their existing customers who hold credit cards, auto loans, demand deposits and brokerage accounts. Financial institutions can use these scores to improve their marketing campaign yields with better-targeted prospect lists.
The Cross-Sell Scores are derived from public property record data, property valuation models and household-level demographics. The only data fields required to generate the PreTell Cross-Sell Scores are customer name and address.
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