With a number of Consumer Financial Protection Bureau (CFPB) requirements already established, and countless proposed rules likely to be implemented in the coming months, mortgage servicers are looking for a way to ensure operations continue without a gap in compliance.
In an ever-changing market, mortgage servicers carry the increasingly difficult burden to justify the expense of software enhancements and extended development required to update their current technology, in order to merely maintain standards.
It is vital that a software solution offers the ability to remain agile in accordance with their specific portfolios, geography, and other considerations unique to their business. Since no two businesses operate in exactly the same way, customization is critical.
At RES.NET, we identified this need amongst essentially all clients (servicers, hedge funds, secondary market lenders, asset management companies, and short sales coordinators) and realized that the solution was technology made to order. Instead of trying to pinpoint every single field a servicer may need to address currently or in the future, we created a solution that provides greater flexibility; servicers can create their own custom workflows, comprised of custom tasks, in just minutes.
Allowing the customer to design and add the tasks they need to run a smooth and compliant operation, while also connecting with agents, vendors and third-party vendors, provides customization without the burden of development costs.
Custom tasks vary from tracking and documenting federal requirements to implementing internal waterfall approval requirements. RES.NET’s REO and short sale clients are currently generating a large volume of custom tasks each month with analytics reflecting steady growth.
Examples include:
Military homeowners – Protections for military service members require servicers to determine whether or not a homeowner or occupant is a service member before an eviction can be initiated. Custom tasks allow customers to easily and quickly create tasks for their agents or third-party vendors, prompting them to identify and record that information within the system.
Vacant building registration – Many clients that are required to register vacant properties are applying RES.NET’s custom workflow to create specific tasks within the platform. This enables agents or third-party vendors to follow critical steps in the registration process. Generating this workflow ensures representatives inspecting the properties verify that a property is vacant, properly register the property, and upload necessary documents. Clients can also create fields for agents to indicate when a registration expires, which is information that all parties, including vendors, are then able to review. Creating a series of custom tasks promotes not only compliant processes, but consistent ones.
Technology solutions should empower business leaders to make their organizations stronger, not restrict them. With effective tools to tailor every procedure, clients have the opportunity to optimize productivity and achieve cost savings — from reducing FTE costs and decreasing liability during audits; to facilitating communication during critical milestones and increasing oversight.
Every REO and short sale operation has a specific way they wish to operate, and customizing the business’ workflow to fit individualized needs accomplishes just that. Since it is impossible to predict future changes in the industry and the subsequent operational needs, clients are looking to technology that allows them to quickly add the components they need when they need them.
RES.NET’s custom workflow stands alone when it comes to the speed at which our clients can update individualized workflows and create new tasks.
When we began comparing the process to other fast-paced activities, the RES.NET’s Speed Challenges were born. We invite you to watch as we put the quickness of our custom task development to the test: visit RESNETspeedtests.com.
