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Foreclosure Referrals Challenges

• Foreclosure Referral is generally a manual process requiring information collection from Servicing System and other sources. The servicer must comply with strict investor timeframes and guidelines.
• The cost of preparing a Foreclosure Package is high and requires close scrutiny.
• The manual ordering of NOI (Notice of Intent) could be delayed or a NOI could be triggered in error as the process is not governed by a rules based system.
• Referral delays cause losses which could be avoided.
• Most servicers have no “First Legal Action Due Date” monitoring automation.

VisiFRS^® Provides

• Rule based application that will pull Servicing System Data and/or images during the default timeline to create NOI and Foreclosure Referral Letters. Exception handling queues provide warning when approaching critical dates.
• Reduces error rates and avoids litigation. Catches exceptions sooner rather than later.
• Improves department productivity and efficiency.
• Provides task and team queues to manage workload and resources. Improves tracking of requests and provides a real-time management portal.
• Reduces FHA and VA interest curtailment for missing first legal and cutoff dates.
• Exception based system allow users to focus on exceptional activity instead of filtering the work from the entire population.
• Re-generation of NOI when needed.

VisiFRS: Automation of Processes

• Extracts NOI candidates automatically
• Creates NOI exception Task List
• Produces NOI and monitors NOI status
• Computes & assigns First Legal Action due date
• Monitors First Legal Action due date
• Monitors investor specific guidelines
• Creates Foreclosure Referrals exception queues
• Creates Foreclosure Referrals print queue
• Produces Foreclosure Referral Package
• Monitors each exception and assigns tasks to users
• User friendly screens allow the user to fix exceptions confidently and quickly
• Completed tasks auto generate next activity or follow-up as needed
• Supervisor can monitor analyst productivity and task tracking
• Task prioritization and rules based escalation of issues

VisiFRS Value Proposition

Productivity Enhancements

• Reduction of time in generating and monitoring NOI and production Foreclosure Package for Referrals
• Provides task and team queues to manage workload and perform referrals within referral date

Cost

• Reduction in Penalties for missing first legal action dates
• Reduces FHA and VA Interest curtailments

Quality

• Allows completion of Foreclosure referral package within time and with no exceptions
• Reduction in kickbacks due to errors

Visibility

• Improve tracking of exceptions at each stage in the FRS process
• Provides automated performance, aging and productivity reports

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