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Default servicing needs tech-driven automation to weather COVID-19

A360inc is digitizing the default process the way the origination side did prior to 2008

Update: Thursday, May 28

HousingWire sat down with a360inc Chief Executive Officer Scott Brinkley back in January to discuss the importance of servicing solutions, specifically automating and digitizing the default process. The efficiency of servicing tech was important pre-COVID, and even more pressing in today’s lending environment.

HousingWire checked back in with Brinkley in May. This executive conversation has been updated to reflect his thoughts on the current environment.

HousingWire: What is the biggest challenge facing the industry today that a360inc is poised to solve?

Scott Brinkley: I think a360 provides a stable solution platform for both technology and outsourcing needs. In a market like we are currently facing, law firms and mortgage servicers need vendors that are financially sound and are able to not only weather the storm, but continue to deploy innovative services and solutions to the industry as needs change. 

HW: As you look to the next generation of technology in the default space, what do you see?

SB: Hosted, virtual tech ecosystems where AI and reduced human interaction drive a more efficient and compliant default servicing process and outcome.

A360inc is focused on automating and digitizing the default process the way the origination side did prior to the 2008 financial crisis. What we discovered then was that default management was inherently a paper-ridden process in an otherwise automated industry. We’re simply completing the journey of evolving default servicing to be as tech-enabled as the front end of the business has been for decades.

HW: From your vantage point, what do you see as the key synergy between the suite of a360inc brands?

SB: Since our launch in 2017, a360inc has remained strategically focused on the collapse and simplification of the default technology ecosystem that mortgage servicers and their vendors must operate within. MultiUse Platform Technology (MPT) allows business partners to operate – exchange data, documents and decisions – more quickly, cost-effectively, and with reduced risk and lower costs. All of our solutions are evolving in alignment with these strategic priorities.

HW: Understanding how they fit together today, what do they look like in the future?

SB: The convergence of law firm case management systems, mortgage company case management systems and the financial technology foundation that supports those players’ commercial relationships has been our key objective. We have recently launched our VIA initiative (Virtualization; Integration; Automation) which is essentially Vendorscape + iClear + CMAX + CaseAware. We believe VIA is the future.

HW: Technology clearly helps companies face these challenges, but there are a lot of ad hoc tech solutions out there. What is special about the a360inc approach?

SB: Modern and strategically relevant technology reduces cost of ownership, reduces cost on B2B integration and communication, and enhances virtualization (VDOs – Virtually Derived Outcomes). VIA strives to achieve the strategic objectives which will alter the cost of servicing for mortgage companies and the cost of ownership/delivery for their business partners – ultimately reducing the cost of default to the consumer. We view the era of fragmented and niche technology products to be coming to an end.

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