USFN | Data Interfacing with Automated Web Services

Data Interfacing with Automated Web Services

by Harry Beisswenger, Executive Vice President
NetDirector, L.L.C. — USFN Associate Member

This is an exciting time in the default industry as technology continues to play a pivotal role in how the various parties streamline their business processes. Technology is making law firms more efficient and is providing their servicer-clients with more accurate and well-timed information.

First American is launching a web services communication engine to its VendorScape platform, allowing expanded data trading options for its attorney network. This next-generation product has already been in beta testing with select attorney and data exchanges like NetDirector with plans for production release in the upcoming months. VendorScape Web Services claims complete parity with its CMS website — meaning that any current process available for manual input on the website can be automated via a web service. This process will reduce the need to access the VendorScape website to pull-down referrals, documents, update milestones, etc. With data interfacing, attorneys can do all their work in their case management system.

This data-trading environment promotes less manual handling of information, which in turn shrinks foreclosure time frames and reduces data mishaps, ultimately improving client satisfaction. Attorneys can become more responsive to the loan servicers by increasing their capacity to handle additional files. Previous data available for interfacing included foreclosure referrals, bankruptcy referrals, milestone event updates, sales results, and messaging. VendorScape WS takes data interfacing to a new level by enabling these valuable options:

▪ Real-time mortgage document retrieval (attached with referral or on demand)
▪ Real-time invoice automation with iClear (unlike current batch upload, and includes documents/images attachments in the uploads)
▪ Request or cancel reinstatement / payoff
▪ Enter or remove bidding instructions

Automating these critical business processes can provide maximum return on investment for firms by reducing labor overhead and building resource capacity to handle more files.

Today, attorneys have the option of building and maintaining a direct interface to VendorScape WS. Another option is subscribing to NetDirector, which delivers multiple data interfaces with one Internet connection to its hosted data exchange. NetDirector’s on-demand service is utilized by a fast-growing network of over 40 default attorneys in addition to more than 20 loan servicers and industry vendors. NetDirector was selected as one of the beta partners for VendorScape WS and has gone through a rigorous testing process over the last few months. NetDirector worked closely with the VendorScape WS project team to solidify existing functionality, collaborate on standardization, and test new capabilities (i.e., document retrieval).

We plan to initially release all standard transactions along with document retrieval and then quickly move on to iClear and reinstatement/payoff transactions with true real-time automation that prior offerings and methods cannot match. For additional information on NetDirector, visit www.netdirector.biz.