ISGN Announces LenStar Enhancements

Bensalem, Pennsylvania-based ""ISGN Corporation"":http://www.ISGN.com, a global provider of mortgage solutions and technology products, has announced several new enhancements to its LenStar technology, a web-based attorney and referral communication system for the default management market. According to the company, LenStar’s new features have been highly anticipated by the servicing industry.
The LenStar network provides servicers access to lenders and attorneys servicing over 25 percent of the residential loans in the country. With LenStar, users are able to share critical foreclosure and bankruptcy loan information, right from their desktops, reducing the need for phone calls, faxes, and shipping, ISGN explained. LenStar also automates the ordering of title, AVM (automated valuation model), and BPO (broker price opinion) evaluations.
According to ISGN, over the past three years, more than 750,000 default cases have been managed by the LenStar system, resulting in savings to the mortgage industry of more than $1.125 billion dollars. LenStar customers realize an average savings of $1,500 per case and can expect their carrying timeline to be reduced by an average of 45 days per case, and sometimes as much as 180 days, the company said.
LenStar’s new functionality is more customizable and flexible, ISGN said, enabling servicers to not only manage their loans more intricately and comprehensively, but also quickly adapt to market changes. Among the system enhancements are an executive dashboard that allows users to create customized views of LenStar reporting data based on their own management criteria. The dashboard provides a view of the loan timeline, including vendor and user performance, file status, and portfolio management.
LenStar also now offers a Referral Toolkit, which can be used to create new referral types such as additional bankruptcy types, litigation, lien monitoring, REO, loss mitigation, and title claims. Other enhancement features include user-defined reporting, batch image upload, system interfaces to third-party applications, and automation of attorney assignments based on work rules.
Reggie Swiney, president of mortgage products at ISGN, said, ""Especially in today’s market, our customers are looking for ways to remain competitive and flexible while reducing their overhead costs. The new LenStar enhancements address both of those objectives by providing servicers with a clear, accurate view into their daily operations, in addition to the flexibility to stay ahead of industry demands. This LenStar release demonstrates ISGN’s continued commitment to the strengthening of the ISGN full-suite of mortgage technology products.""