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DRI Embraces the Web
By Anthony Garritano
With the need for servicers to work in real time, it's crucial in this market for servicing technology to embrace the power of the Web. To this end, DRI Management Systems will Web enable its application, dubbed The Default Solution. DRI touts that this will enable companies to minimize the cost of managing their defaulted loans, while expertly tracking and automating the servicing of these loans as well.
The new Web-enabled platform of The Default Solution, named RINCON, offers the following advantages over the original version of The Default Solution:
1. A browser-based application that leverages Web services to enable ease of deployment during implementation and system upgrades
2. A more robust workflow process supported by user-driven business rules
3. Letters, forms and spreadsheets embedded into the workflow model, providing a more automated environment for ordering, receiving and tracking.
4. Web services that automate connection to third party providers, including inspection services, BPOs, appraisals, credit reports, title reports, skip tracing, flood certifications, Artemis Enterprises' contact/content management system, and more
5. A solution that provides the only opportunity in the default industry to implement and maintain a true exceptions-based environment where users can rely on automation and manually review files only when a decision or review is required.
6. An upgraded Loss Mitigation Decision model that includes client-defined scripts and economic models to help loss mitigation analysts reach quick and consistent resolutions.
"Servicers are responding to the surge in defaulted loans with a huge interest in our technology, and many are eager to get this technology as a Web-enabled solution," states Duke Olrich, president of DRI Management Systems. "Our continued goal at DRI is to provide the type of automation that makes our clients more effective in their efforts to minimize risk, and to do so in a timely manner and at a fair price."
DRI offers process management solutions for loss mitigation, pre-foreclosure, foreclosure, bankruptcy, REO, litigation, property preservation, claims and auto/consumer loans. The Web-enabled version of The Default Solution will be readily available in early 2009.
Based in Newport Beach, Calif., DRI Default Management Services offers a suite of integrated default management software that can be used singularly or in tandem, and which can be interfaced with any other servicing or accounting system. DRI's flagship technology, The Default Solution, enables companies to minimize their number of defaulted loans and manage and automate the servicing of defaulted loans including prime and non-prime mortgage loans as well as secured and unsecured consumer loans.
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