Pegasystems, a provider of business process management (BPM) and customer relationship management (CRM) solutions, announced the launch of a new solution that allows mortgage servicers to immediately increase quality, certainty and productivity in their foreclosure process.
Mortgage servicers need to ensure accurate, error-free foreclosure processes. They need assurances that they've satisfied all requirements of today and tomorrow's regulatory requirements.
Based on Pega's Loan Loss Mitigation Solution, the Pre-Foreclosure Solution allows servicers to implement regulatory quality controls before foreclosure, which then enable error-free foreclosures.
Featuring market-leading case management capabilities and rules-based processing, the solution automatically delivers defect-free foreclosure recommendations, and easily adapts to accommodate future regulatory changes.
“Many existing practices around foreclosure are being called into question now more than ever,” said Tony Young, principal, Financial Services Industry Solutions at Pegasystems (News - Alert).
“Pega's new Pre-Foreclosure Solution vastly improves the visibility, certainty and efficiency of the overall process and provides unmatched quality controls and integrity,” Young added. “Servicers can have increased peace of mind knowing that their documentation is error-free.”
The rules-driven processes contained in the solution guide knowledge workers through complex verifications needed to certify loans for foreclosure and define each step of the way to perfect a foreclosure package.
Pre-Foreclosure Solution offers support for all servicing platforms and applications across collections, loss mitigation, customer service, and foreclosure, as well as cloud-based delivery to the servicer.
The easy to understand forms guide business users through steps to rapidly add or modify federal, state and local program changes based on non-judicial or judicial processes. They also provide the "on-hold" definitions to be set by management (e.g., probate, bankruptcy, military indulgence), and which situations "stop the clock," company officials added.
By monitoring the pre-foreclosure status in a real-time environment, the solution automates process alerts and next steps as updates occur on the case.
With the comprehensive case management and BPM capabilities, Pre-Foreclosure Solution supports complex decisioning to reduce human intervention. It ensures automatic prioritization of cases to work first based on business priorities and allows cross-document validation to ensure that all information is accurate throughout the process.
Additional features of Pega’s Pre-Foreclosure Solution include automatic generation and tracking of correspondence and communications with all parties, integrated data and document management that manage data integrity between the system of record and documents used during pre-foreclosure and foreclosure, and integration of dynamic loan checklists that allow servicers to define complex dependencies between the foreclosure process and state and federal requirements.
Back in October Pegasystems announced several enhancements that address the healthcare industry's critical business imperatives. Read the detailed report here.
Rajani Baburajan is a contributing editor for TMCnet. To read more of Rajani's articles, please visit her columnist page.
Edited by Erin Monda