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First American Launches New Loss Mitigation Tool

First American Default Technologies, a member of ""The First American Corporation"":http://www.firstam.com family of companies and a provider of host-system integration technology to the mortgage default servicing industry, launched a new loss mitigation module as part of its VendorScape suite of solutions today. The company's VendorScape Loss Mitigation tool evaluates loan properties and borrowers’ interview results and financial statements, then based on this analysis, recommends available work-out plans.
The solution leverages First American's proprietary VendorScape platform to improve coordination between all parties involved in the servicing of a loan, the company said. It streamlines processes, reduces investor losses, and creates best-case workout scenarios, First American explained. The system also automates processes and enables electronic ordering of third-party loss mitigation services, including broker price opinions, documents, and credit reports, First American added.
""We are aligning the servicer, attorney and all parties involved in the workout process on a common platform,"" said Bob Thornton, president of First American Default Technologies. ""Everyone’s goal, from the servicer to the consumer, is the fastest, most accurate workout. 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, asset and liability analysis, and an automated workout determination. Additionally, the module incorporates, Internal Revenue Service (IRS) standards, an analytical calculator, and post-workout compliance monitoring and reporting. First American added that with this new software, lenders and servicers can configure their own custom business rules that extend beyond standard investor guidelines.
""Market conditions, regulations and backlogs regarding loss mitigation are changing daily,"" Thornton commented. ""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."" Thornton added that First American is dedicated to creating flexible solutions for lenders and servicers to keep pace with today's changing market conditions.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

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