A Solution of Repurchase Claims Management
Press Release Archive - April 2007

Visionet Systems Launches Repurchase Claims Management Solution

- VisiClaims enables lenders and servicers to avoid repurchases, settle disputes -

CRANBURY, N.J., April 10, 2007 – Visionet Systems launched VisiClaims, its solution that provides lenders and servicers a mechanism for avoiding repurchases and expedite settlements through the processing of claims.

VisiClaims works with Visionet System’s other offerings, VisiLoanReview (Bulk/Flow Seller contract based QA/QC) and VisiRepurchase (Repurchase Automation).

VisiClaims comes with an integrated business rules and proprietary workflow engine, VisiFlow. VisiClaims has service oriented architecture (SOA) based technology. Using the portal interface, authorized users from other departments can interact with VisiClaims, and provide status updates on tasks assigned, submit single or bulk claims requests, and look up information on a particular claim. In addition, sellers can use the portal to submit buy back requests, or respond to claims they have received.

In VisiClaims, the users can store contract terms of the seller as part of the master record for the seller. These terms include the EPD period, EPD filling date, delinquency counters, current loan status, required documentation, etc. Using these terms, VisiClaims automatically verifies if the claim is valid. The VisiClaims calculator calculates the claim amount using the available servicing information. The user has the option to override the rules and calculations. Information that is used by the calculator includes the amount of corporate advances, escrow shortages, delinquent installments, interest income losses, etc.

Included in VisiClaims is a built-in letter writer facility. Users can create letter templates using Microsoft Word, store them in the template folder, and use them to generate letters, forms and documents while processing a claim. The generated letters are archived by claim, and can be retrieved at a later time for reference purposes. VisiClaims can be integrated with the corporate imaging system to retrieve the available document images for a loan while the claims officer is working on the file.

“With the recent increase in foreclosures, lenders and servicers need a solution that better equips them to handle loan buy-back scenarios and settle disputes in a timely manner,” said Arshad Masood, president of Visionet Systems. “Because most lenders would prefer to avoid repurchases, we have designed VisiClaims to simplify the claims process and, in so doing, save the lender time and money. ” 

About Visionet Systems

Cranbury, N.J.-based Visionet Systems is a full service mortgage consulting and business process outsourcing company that delivers products in the best-of-breed philosophy. Using a combination of consulting, metrics-based technology solutions and business process outsourcing, Visionet Systems helps lenders identify and remove inefficient processes to improve profitability. Founded in 1995, the company’s customers include mortgage lenders and servicers. 

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