National City Mortgage company selects VisiEscrow
Press Release Archive - July 2005

NATIONAL CITY MORTGAGE COMPANY SELECTS VISIESCROW® TO ENHANCE SERVICING ESCROW MANAGEMENT

Visionet Systems is pleased to announce that National City Mortgage Company, a top ten mortgage servicer, has selected VisiEscrow® to streamline its off-cycle and mass escrow analyses. VisiEscrow® is a rules, workflow and exception based management system, which integrates into a client’s existing environment and automatically analyzes the escrow discrepancies. The system will review each loan and queue the problem loans to designated personnel for remediation. Additionally, the solution contains specific rules that govern statutory regulations and business work processes that enable a client to ensure Federal, State and Corporate compliance while managing their escrow review process more efficiently.

Efficient escrow processing presents the 2nd largest revenue opportunity for servicers after fees.

The VisiEscrow® solution catches escrow account shortages sooner, maximizes escrow penetration and float opportunities, improves the tracking of escrow related tasks and follow-ups, monitors RESPA violations and improves the overall efficiency of the department. VisiEscrow® also audits newly boarded loans for exceptions, as well as auditing of lender placed insurance. This audit process aids in catching errors sooner so that remedial actions can be taken earlier with the borrower.

Poor escrow management also results in lower customer satisfaction. Customer satisfaction will improve if an escrow problem is identified early on and the discrepancy is properly explained to the customer. VisiEscrow® not only catches the escrow problems as soon as it happens, it also provides a detailed explanation of the impact to the customer, how and why this problem has occurred and what the servicer can do to resolve it.

VisiEscrow® is compatible with the most common of the legacy systems accommodating data exchange, transaction generation and integrated reporting. ABOUT VISIONET SYSTEMS INC.

Visionet Systems is a mortgage industry focused software solutions, best practices consulting and business process outsourcing (BPO) company. The company offers a variety of products, systems and frameworks that employ state of the art expertise in areas where effective technology solutions do not exist. Visionet excels in developing best practices workflow and rules driven solutions that empower existing legacy system data and processing. Visionet’s offerings are successfully utilized at top 20 mortgage banks to manage critical processes such as Pre/Post Closing & Loan Boarding Audits (VisiLoanReview®), Lien Release & Mortgage Assignments (VisiRelease®), Escrow Management (VisiEscrow®), Trailing Doc Automation (VisiTrak®) and High Cost Loan Analytics & Remediation (VisiHCLAS®).

For more information, visit www.visionetsystems.com

Visionet Systems Inc.
www.visionetsystems.com
3 Cedarbrook Drive
Cranbury, NJ 08512
Phone 609.452.0700
Fax 609.655.5232
mortgage@visionetsystems.com

Contact:

Arshad Masood
Visionet Systems Inc.
609-452-0700 Ext. 1119
arshad@visionetsystems.com

Joy Harper
Visionet Systems Public Relations
(678) 799-8118