USFN | The Next Generation of Data Interfacing

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The Next Generation of Data Interfacing

by Harry Beisswenger, COO
NetDirector, L.L.C. – USFN Associate Member

This is an exciting time in mortgage default servicing. Technology, specifically data integration, continues to play a pivotal role in how the various parties streamline their business processes to deal with volume spikes. Technology is making attorneys, trustees, and other service providers more efficient, as well as providing mortgage loan servicers with more accurate and well-timed information. Early-stage data for interfacing included foreclosure referrals, bankruptcy referrals, milestone event updates, and messaging. Now, next-generation interfacing encompasses mortgage documents, reinstatements/payoffs, fees & costs, invoice management, and much more.

First American VendorScape and LPS Desktop are leading the way as they continue to offer new data and document integration options. The ultimate goal for these systems is to provide parity between their data entry websites and integration sites. This eventual parity will allow attorneys, trustees, and others to avoid website access and manual data entry all together. In this environment, an attorney/trustee can do all his work in his own case management system.

The following new integration options are now available from VendorScape and LPS Desktop. From VendorScape: mortgage document download and upload; request or cancel reinstatement/payoff; fees & costs; enter or remove bidding instructions (receive servicer bidding instructions); schedule foreclosure or bankruptcy hearings. From LPS Desktop: mortgage document download; real-time invoice management upload; fees & costs; re-projection requests.

This expanded data trading environment promotes less manual information handling, which shrinks foreclosure time frames and reduces data mishaps, in turn improving client satisfaction. Attorneys and trustees can become more responsive to the loan servicers by increasing their capacity to handle more files. Automating these critical business processes can provide maximum return on investment for firms by reducing labor overhead and building resource capacity.

Today, parties have the option of building and maintaining a direct interface to VendorScape or LPS Desktop. Another option is subscribing to NetDirector, which manages and supports multiple data and document interfaces with a single Internet connection. NetDirector has enabled all next-generation interface transactions, providing real-time automation.

For additional information on these technologies, visit the websites at: VendorScape (www.firstam.com), LPS Desktop (www.lpsvcs.com), and NetDirector (www.netdirector.biz).