RES.NET, a technology platform that allows mortgage banking companies, vendors, consumers and other parties to communicate around a transaction, is launching new addition to its platform – a loss-mitigation portal.
RES.NET will officially announce its loss-mitigation portal at next week’s Mortgage Bankers Association Annual Convention in San Diego, but the company provided HousingWire with an advanced look at what’s to come.
According to RES.NET, the loss-mitigation portal creates a “secure, transparent environment” for all principals involved to execute and complete loss-mitigation options in a timely manner.
“For our customers managing tight timelines and the abundance of compliance requirements, it is critical to have a single tool to implement multiple loss-mitigation options,” said Keith Guenther, co-founder and CEO of RES.NET and its parent company, U.S. Real Estate Services.
“We provide our customers and third-party providers with much more than a technology solution; RES.NET also gives them a better means to interact with the homeowner and a stronger resource for managing compliance needs,” Guenther said. “Our products are built to provide transparency and close communication gaps that can sometimes arise during a transaction; we created the Loss Mitigation Portal to further promote efficiency and eliminate untimely delays.”
The portal includes Short Sale and Deed in Lieu modules, giving customers the flexibility to run individual or dual paths, while also allowing a seamless transition into REO, if necessary.
According to RES.NET, the Short Sale module creates transparency among servicers, banks, investors, listing agents and homeowners while allowing the principal manager/owner to reject, counter, highest and best, or escalate an offer.
This module also systematically compiles and processes purchase contracts and tracks deficiencies with distinct fields for forgiveness, amount and amount to forgive, RES.NET said.
The Deed in Lieu module promotes transparency among servicers, banks, investors and homeowners to ensure internal and external compliance requirements are met.
This module also centralizes all documentation and provides an opportunity for online homeowner interaction, together with external vendor involvement for document control and exchanges, RES.NET said.
Additionally, RES.NET’s loss-mitigation portal integrates enterprise features such as tasking, messaging, reporting, and document sharing with RES.NET’s Custom Workflow functionality to create a system that is tailored to serve each customer’s unique needs, the company said.
Customers can also define and create new tasks, fields and reminders on their own as their needs changes without having to rely on typical software development timelines, RES.NET said.
“This addition to RES.NET’s platform supports customers in efficiently managing their loss mitigation pipelines by automating activities to improve productivity and compliance,” the company said.