Chronos Solutions helps lenders manage costs amid rising interest rates
Uniquely positioned to drive savings
After a blockbuster year that included acquiring four new companies and onboarding more than 600 new clients, Chronos Solutions is ready to take on its customers’ biggest pain point in 2017: cost management amid rising interest rates.
The company’s acquisitions in 2016 give it the capability to deliver end-to-end solutions for the mortgage loan lifecycle, including credit data/reporting, 4506-Ts, property valuation services, title, HOA and condo retrieval, tax lien, escrow services, and everything required to settle a mortgage asset default. Most importantly, Chronos Solutions’ array of services means the company can create bundled solutions tailored to lenders’ specific needs, providing efficiency while maintaining quality.
“I think lenders are going to be even more price-conscious in 2017, which requires that they look for partners who can drive savings, and we are uniquely positioned to assist with that,” said Matt Slonaker, executive vice president of business development and marketing at Chronos Solutions.
As a case in point, Slonaker noted that Chronos Solutions helped a top bank realize an economic benefit in excess of $14 million by assuming various default servicing functions for the bank. Drawing on a wide selection of products and services, the Chronos Solutions team and technology efficiently evaluates and analyzes the property, provides solid strategies to market and manage the purchase negotiation, recommends an optimal title and closing process, and handles remittance of funds.
“Clients save by bundling and discounting different items. These cost savings are based on leading performance and innovative solutions,” Slonaker said.
In the month of August, for example, Chronos Solutions enabled a large servicer to achieve significant value recovery on the sale of assets, in addition to attaining strong results in their quality key performance indicators on their behalf, Slonaker said.
“We are not just gaining more business — we are gaining happier customers,” Slonaker said.
The company’s goals for the coming year build on the success it achieved this year and focuses on newly acquired clients. To that end, Chronos Solutions has created an inside sales team to reach out to these clients and educate them on the breadth of Chronos Solutions’ tech solutions and how they can benefit by utilizing everything now available to them.
“We now have an expansive client base of about 800 companies,” Slonaker said. “We will serve them by leveraging our tech solutions with our decades of experience across the mortgage spectrum to deliver truly outstanding results for them.”
Chronos Solutions positions itself to service a variety of lenders, from some of the largest banks to mid-tier and smaller banks. The company’s motto, “Big enough to execute, small enough to care,” embodies the company’s culture, Slonaker said.
Some of Chronos’ newest solutions will also play a large role in 2017. The company’s automated tax transcript solution, Taxdoor, allows lenders to order verified income tax data from IRS tax transcripts without using 4506-T forms. Loan applicants can verify addresses and digitally approve the release of their tax information using a PC or smartphone.
The results are quick and accurate. Using Taxdoor, clients who once dealt with IRS rejection rates averaging 15% to 20% have seen rejection rates drop to 5% to 7%.
The company’s Trustee Sale Plus solution is another example of the company’s innovation. Trustee Sale Plus is a high-touch service that walks clients through the complicated Claims without Conveyance of Title (CWCOT) program.
The CWCOT program was developed to help servicers sell properties quickly at auction without having to convey them back to the U.S. Department of Housing and Urban Development. Chronos Solutions helps servicers navigate the challenging program to maximize their opportunity. It also brings HOA lien, title curative and other services inside one auction fee.
“Our mission at Chronos Solutions is to leverage our extensive resources on behalf of our lending and servicing clients, addressing their unique business needs head-on and delivering significant measurable results on their behalf. We pride ourselves on being extraordinarily responsible and feel that our ability to bring together comprehensive services, technology and talent across the mortgage spectrum sets us apart in the industry.”
Based on the company’s significant achievements in 2016 on their clients’ behalf, Chronos Solutions is well positioned to deliver on this mission in 2017.