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Vendor Helps Servicers Adapt as Collateral Market Changes
By Anthony Garritano
With the wave of foreclosures and workouts on the rise and expected to rise further, automation is needed. While servicers continue to throw more bodies at the problem, they're also looking at outsourcing to technology providers. Technology is being used to fill the gap.
As a result of this trend, vendors like Integrated Mortgage Solutions, a collateral protection resource for the mortgage servicing industry has added six new clients, which include traditional mortgage servicers, auction companies, realtors and asset management companies.
In response to new industry trends and an increasingly diverse client base, IMS's services vary in scope but continue to focus on inspections, preservation, quality control checks and preparing properties for auction. The footprint of each new client varies as well and includes nationwide, state specific and region specific organizations.
"With foreclosures up 75% in 2007, the current default landscape necessitates real-time loss mitigation solutions and services that both help servicers manage increasing portfolios and are also sensitive to the issues borrowers face," said Cheryl Lang, president of IMS. "The mission of our clients is to increase levels of homeownership preservation, and IMS' services and resources enable our clients achieve that goal."
IMS ADAPT is a Web-based set of tools and programs used by the IMS staff, clients and contractors. The purpose of this secure technology is to ensure a centralized system for initiating work orders, updating status, reporting status and activity, quality control and billings. IMS ADAPT requires no special software other than a Web browser, Login ID and password.
"The wave of foreclosures is not predicted to subside until 2009, and servicers are bracing for sustained levels of defaulted loans," continued Lang. "IMS is committed to offering loss mitigation services that assist servicers in reducing the levels of foreclosure, while improving homeownership rates."
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