4/9/2009
First American Default Technologies, Dallas – a member of the Santa Ana, CA-based First American Corporation family of companies – has announced the launch of its VendorScapeTM Loss Mitigation module.
InRule User First American Default Technologies Launches VendorScape™ Loss Mitigation Solution
First American Default Technologies, Dallas--a member of the Santa Ana, CA-based First American Corporation family of companies--has announced the launch of its VendorScapeTM Loss Mitigation module.
VendorScape Loss Mitigation is a solution designed to evaluate properties, borrowers' interview results and financials, and it recommends available workout plans by leveraging the VendorScape platform to improve coordination among all parties, streamline processes, reduce investor losses and create the best-case workout solutions. InRule is used within VendorScape to automate key decision logic and calculations.
"We are aligning the servicer, attorney and all parties involved in the workout process on a common platform," said Thornton.
Clients can configure custom business rules that extend beyond standard investor guidelines. The system automates processes and enables electronic ordering of third-party loss-mitigation services, including broker price opinions, documents and credit reports, said Bob Thornton, president of First American Default Technologies.
"Everyone's goal, from the servicer to the consumer, is the fastest, most accurate workout," said Thornton. "This solution promotes consistency, addresses rapidly changing regulations, and quickly and accurately processes and completes workouts."
VendorScape Loss Mitigation includes a rules-based intelligent interview; streamlined income, asset and liability analysis; and an automated workout determination. Additionally, the module incorporates gain and loss analysis, Internal Revenue Service standards, an analytical calculator and post-workout compliance monitoring and reporting.
"Market conditions, regulations and backlogs regarding loss mitigation are changing daily," Thornton added. "By implementing client templates at the beginning, we are able to bring all parties together through the efficiency of automation and expedite the loss-mitigation process."