In order to streamline communication between servicer clients and their investors, Tampa, Florida-based ""Mortgage Contracting Services"":http://www.mcs360.com/site/default.aspx (MCS), a nationwide property preservation and inspection services provider to the financial services industry, recently partnered with ""HomeTelos"":http://www.hometelos.com/hometelos/home.seam, a Dallas-based company that specializes in the development and support of Web-based solutions that support the management and marketing of real estate assets.[IMAGE]
The newly-formed relationship involves the integration of MCS with HomeTelos' Property Preservation/Field Services platform. The Web-based program manages assets in pre-foreclosure through REO and automates workflow, resulting in real-time communication. In addition, the platform includes an electronic bid submission system that houses critical preservation data for investors, such as photo documentation, damages, and approvals.
""The default servicing sector is very time sensitive, so any opportunity to shorten the timeframe in the preservation approval process -- while not also jeopardizing accuracy -- is paramount,"" said Caroline Reaves, CEO of MCS.[COLUMN_BREAK]
Prior to partnering with HomeTelos, MCS would send contractors to a property for obtaining a bid to make repairs. This bid was then manually entered into MCS360, the company's automated workflow application. Next, a processor would review the information for accuracy and, once validated, enter the data -- line by line -- into the HomeTelos system to be approved or denied by an investor.
According to MCS, the enhanced solution eliminates the duplicity of entering information into two distinct platforms. After the bid is obtained and reviewed for accuracy, it automatically flows from MCS360 to the HomeTelos system for the processor to validate and then transmit to the investor for approval. By eliminating manual entry, the accuracy of information provided is improved, as are overall workflow efficiencies and associated costs.
The integration also enablees MCS to submit bids to investors in real time, as opposed to the previous 24-hour delay in processing. In addition, the HomeTelos platform has the flexibility to respond to varying demands in volume, aligning perfectly with MCS' scalable infrastructure to support the needs of any client.
""HomeTelos is proud to team with MCS on this strategic project so that together we deliver more value to our shared clients,"" said Stephen Polley, president of HomeTelos. ""This economy is presenting new challenges to our industry daily, and the open design of our platform enables us to respond quickly to integration opportunities that improve transaction quality, transparency, and accuracy, while enabling a more efficient and scalable workflow solution.""