Visionet Systems said Monday that it had launched VisiClaims, a solution targeted to provide lenders and servicers with a mechanism for avoiding repurchases and expedite settlements through an integrated claims management solution. Loan repurchases have become a "hot-button" issue for mortgage lenders this year as early-payment defaults have soared, forcing a surge in repurchase claims from Wall Street banks that have caught numerous lenders by surprise and forced others out of business. More than 60 lenders have exited the business or filed bankruptcy since December. VisiClaims comes with an integrated business rules and proprietary workflow engine for managing the claims process, branded as VisiFlow. Using the portal interface, authorized users from multiple departments can interact with VisiClaims, and provide status updates on tasks assigned, submit single or bulk claims requests, and look up information on a particular claim. In addition, sellers can use the portal to submit buy back requests, or respond to claims they have received. Visionet said that users can store seller's contract terms, including the EPD period, EPD filling date, delinquency counters, current loan status, required documentation, and more. Using these terms, VisiClaims will automatically verify if a claim is valid, and can calculate the claim amount using available servicing information, including outstanding corporate advances, escrow shortages, delinquent installments and interest income losses. â€œWith the recent increase in foreclosures, lenders and servicers need a solution that better equips them to handle loan buy-back scenarios and settle disputes in a timely manner,â€? said Arshad Masood, president of Visionet Systems. â€œBecause most lenders would prefer to avoid repurchases, we have designed VisiClaims to simplify the claims process and, in so doing, save the lender time and money.â€? For more information, visit http://www.visionetsystems.com.