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DIMONT, a leading provider of collateral loss mitigation solutions, is launching its Loss Drafts product to expedite the documentation management process for lenders and servicers. The online portal enables oversight of the borrower-filed claims process by DIMONT, while providing collateral protection to servicers and lenders, offering greater visibility into the claims in process within the portfolio. Loss Drafts allows all parties — borrowers, servicers, and DIMONT claims personnel — to upload claims-related documentation and to share case status information electronically, while allowing the servicer to use its call center to maintain direct borrower contact.
DIMONT manages the claims process in the background and provides oversight over the portal. DIMONT then advises the lenders of the appropriate time to disburse funds. The lenders will still maintain direct communication with borrowers through their established call centers.
“This process is important because it allows the mortgagee to ensure that the proper process is being followed and monitored — that the insurance pays the damage and the repairs are made using the disbursed funds, and the collateral is protected,” said Denis Brosnan, president and CEO of DIMONT. “Mortgage servicers often struggle with managing this process, so the Loss Drafts product is a much-needed solution for them.”
DIMONT’s loss drafts service will…
- Promote collateral protection for the servicer
- Offer the servicer greater visibility into the claims process
- Streamline the process to get money to the homeowner faster
- Improve communication with the homeowner
- Reduce hands-on management for the servicer
- Provide a secure process with validation points
- Expedite the process for both borrower and servicer
- Allow servicer to retain borrower relationship through a branded portal and direct customer care
- Client reporting on borrower status: the # of borrowers with outstanding loss drafts, which pipeline they are in, and status within the pipeline
The process will provide an improved experience for homeowners due to…
- Hands on education on the overall loss drafts process
- Guidance: getting the insurance check endorsed, completing repairs, and performing property inspections
- Proactive notification and reminders to the borrowers about the next steps in the loss drafts process
- Easily accessible and intuitive repository for all information necessary to finalize payment on the claim
- Ease of communication with the lender
