Foreclosure Referral Automation Solution in Response to Increase in Foreclosures Nationwide
Press Release - April 2006
| Contact: Arshad Masood 609-452-0700 Ext. 1119 arshad@visionetsystems.com Joy Harper Visionet Systems Public Relations (678) 799-8118 |
FOR
IMMEDIATE RELEASE 9 AM EST April 25, 2006 |
Visionet Systems Launches Foreclosure Referral Automation Solution in Response to Increase in Foreclosures Nationwide
VisiFRS® enables lenders to improve productivity and efficiency by reducing error rates
CRANBURY, N.J., April 25th, 2006 – Visionet Systems has launched VisiFRS®, a foreclosure referral automation solution for servicers. VisiFRS® improves tracking of referrals and provides a real-time management portal for mortgage companies.
According to a recent report from RealtyTrac, home foreclosures have increased 72 percent over the last year, with 323,102 mortgage foreclosures occurring in the first quarter of this year.
The system enables users to pull serviving data and images on exception basis to create Notice of Intent (NOI) and Foreclosure Referral letters. VisiFRS® provides task and team queues to manage workload and resources. The exception-based system allows users to proactively manage NOI exception task list and foreclosure referral exception queues.
VisiFRS® reduces FHA and VA interest curtailment for missing first legal and cutoff dates. Exception handling within the system provides a warning when approaching critical dates. The system extracts NOI candidates automatically, produces NOI and monitors NOI status. With VisiFRS®, a supervisor has the ability to monitor analyst productivity and task status. Completed tasks auto generate a user’s next activity or follow-up as needed for easy reference, while user-friendly screens allow the user to fix exceptions quickly and efficiently.
“As home foreclosures continue to steadily rise, servicers need an automated solution that helps them manage all the foreclosure referral challenges,” said Arshad Masood, president of Visionet Systems. “Servicers need an application that enables them to comply with strict investor timeframes and guidelines. VisiFRS® delivers productivity enhancements, cost reduction, quality improvements and better operational visibility for servicers struggling to remain competitive in today’s ever-changing lending landscape. VisiFRS® will seamlessly fit into Visionet’s up and coming loss mitigation workflow product”.
About Visionet Systems Inc.
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
clifford.johnson@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
