DIMONT, a provider of specialty insurance and loan administration services to the residential and commercial financial industries, announced a partnership with Phoenix ABS, a technology solution provider for residential-mortgage backed securities and residential whole loan investors, as well as property preservation companies and lenders.
According to a release from the companies, Phoenix ABS integrates valuation and diligence tools for the assets on which DIMONT files hazard insurance claims.
That also includes survey information, property preservation photos, property maps, and other information.
“This partnership not only benefits DIMONT and Phoenix ABS, but also all of our clients and customers,” said Denis Brosnan, president and CEO of DIMONT. “We are looking forward to accessing this innovative technology platform to better service the residential and commercial mortgage industries.”
As part of the partnership, DIMONT can now begin to file and adjust hazard claims for Phoenix ABS customers, as well as assist current property preservation companies interested in accessing the benefits of using Phoenix ABS tools, including its machine learning based automated valuation model, to understand collateral, loan and portfolio value, the companies said in a release.
“Phoenix and Dimont are natural compliments for mortgage investors,”Guhan Kandasamy, head of product at Phoenix ABS, said. “Both unlock hidden value from different parts of the same portfolio.”