ServiceLink acquired Newport Beach, Calif.-based DRI Management Systems and launched a new servicing workflow platform based on DRI's technology.
Pittsburgh, Pa.-based ServiceLink, a unit of Fidelity National Financial (FNF), provides origination and default products and services for the mortgage industry.
It rebranded the former DRI servicing platform as ServiceLinkFusion.
Laura MacIntyre, ServiceLink’s senior vice president of servicing solutions, said the platform was developed and configured for the default space but is ready to accept additional configurations across the loan servicing continuum. Additional configurations will be done as requested by clients to comply with new regulations or mandates. They can be done very quickly because the workflow system is not hardcoded, she said. The platform uses a common database and common user interface framework.
Existing configurations of the workflow management cover loss mitigation, pre-foreclosure, bankruptcy, claims and third-party integration with service providers. It also includes litigation, default administration and REO management.
Terms of the deal with DRI were not disclosed.
DRI Management Systems' CEO Duke Olrich will retire, ServiceLink said, but the remainder of DRI's employees — about 25 — will move over to ServiceLink and continue to operate from Newport Beach.