Under pressure from a tight credit and regulatory environment, companies in the mortgage space have responded by leveraging technology to gain more ground. In some cases this has meant adapting current systems to accommodate new processes, and in others, it has meant creating entirely new mortgage technology products.
In this section we highlight products that are game-changers for companies working hard to adhere to regulations while still providing great service to their clients. The list features products ranging from new mobile platforms to a loan-level audit capability that will reshape the way audits are done for years to come.
By tackling the challenges head-on, these companies are setting themselves up for long-term success. The efficiencies they see today will continue to pay dividends in the future as they realize significant gains from a faster, more streamlined process.
Business needs trump technology challenges all day long. That is why Aspen Grove Solutions believes strongly that technology solutions should be easy to use and quick to implement. Their service culture is squarely focused on satisfying the business needs of customers. They believe you should not have to wait to implement a solution, which they avoid through continuous and ongoing delivery, all of which is encapsulated in their primary platform solution — Aspen iProperty.
Financial institutions and default mortgage servicing businesses are busy making operational adjustments to ensure compliance with regulatory guidelines. Mortgage servicers and field services providers know that the expertise found in their risk management and compliance teams must be supported by advanced technology to fully meet business and audit requirements.
Aspen Grove Solutions has been operating in the default space for almost 20 years. The company understands the challenges of the industry, including compliance, security, integrations, ease-of-use and engagement. Not only do they believe that their technology should be easy to use and quick to implement, but that every single engagement and touch point with the company should be easy.
Aspen Grove Solutions engaged with some of the top minds in the default mortgage servicing industry and created a working group to capture the requirements and priorities needed for workflow and compliance. The result is Aspen iProperty.
“Aspen iProperty is designed to be an auditable, secure, scalable solution to meet the needs of the industry while ensuring that it is easy to use and quick to implement.” said Ron Briggs, SVP of business development at Aspen Grove Solutions.
Aspen iProperty allows customers to control, manage and monitor all work performed on a property from data inputted by the vendor’s internal staff, to work order results uploaded by the inspector or contractor in the field. Additionally, the system provides users with real-time proof of service (proof that a third-party vendor carried out the work) and proof of compliance (proof that the vendor had the necessary background check documentation) all located in one powerful system.
Any technology solution built to help clients maintain compliance must be configurable and responsive to changes in regulatory guidelines. Federal legislation requires businesses in the default mortgage servicing industry to be subject to audits. These audits must provide detailed information and documentation on the processes and procedures of field services work performed on properties. Aspen iProperty’s reporting functions provide the ability to perform audits and view uploaded documentation from vendors, to ensure that all work performed not only meets regulatory guidelines, but also fulfills contractual obligations to the business.
Aspen Grove Solutions’ deep industry knowledge, including its multiple integrations across the mortgage servicing industry and its associated vendor management and compliance solutions, like Aspen iRecord and Aspen iMobile, means that from day one, the company provides fit-for-purpose technology that broadly connects the industry.
“As a company we put people first,” Briggs says. “We incorporate this in our values encapsulated in the ‘Aspen Way.’ We set targets on where we want to get to and then we empower our people to get us there. We work every day to enhance our service culture.”
Aspen Grove Solutions is a leading provider of property-related enterprise technology solutions for REO, short sale, asset management, property preservation, inspections, vendor management and compliance.
The company, founded in Boston, Massachusetts, in 1997 and now based in Frederick, Maryland, offers a whole range of solutions through its Aspen iFamily suite of products, including Aspen iRecord — a vendor compliance solution that handles consumer complaint management and simplifies the background check process while complying with CFPB and OCC regulations.
Aspen Grove’s commitment to treating its clients as partners shows in its approval ratings: the company’s Customer Care team had a satisfaction rating of 97% in 2014.