Lake Forest, California-based real estate solutions provider RES.NET has seen a rise in mortgage servicers' demand for custom tasking capabilities, which the company attributes to new regulatory changes that were added in the third quarter. More than 80 new changes were made, forcing banks to hire new full-time staff and spend more hours meeting the new demands, according to the Banking Compliance Index.
Software applications provided by RES.NET help connect real estate professional to their clients and consumers. The company has reported a 64 percent increase in demand just in the last six months alone. Servicers use the software to create more than 12,000 unique tasks to their workflow that can meet their specific needs. Clients can then avoid long development cycles by developing new tasks themselves.
"We see it as our responsibility to remain agile, since our clients must constantly adjust for changing regulations," said Keith Guenther, CEO and founder of RES.NET. "Consequently, we have noticed a direct correlation between the rising compliance burden and the demand for these particular tools."
A requirement for documents to be housed in the clients own servers is why RES.NET believes they saw a 60 percent rise in 2014. The company was able to quickly adapt to the new regulation and now provides document naming, indexing, and dates from all types of stored documents.
"The speed at which regulatory changes occur does not afford servicers the luxury to wait months or even weeks to update their processes," Guenther said. "Understanding the time sensitive nature of these changes was the catalyst in our decision to offer these solutions. By helping our servicer clients remain compliant through our technology solutions, they can better focus on the success of their businesses."
Clients have created more than 33,000 tasks unique to their own business requirements since RES.NET launched the custom tasking feature in 2012. The Banking Compliance Index is developed and released by Continuity, a leading compliance solutions provider.