New Solution Provides Servicers and Foreclosure Counsel with Faster Paths to Referral and First Legal Action
Rocktop Technologies (Rocktop), a Solutions-as-a-Service company, today announced ForeSight, a first-of-its-kind process automation solution driving the costs and inefficiencies out of foreclosure management. The solution coincides with a recent year-over-year uptick in residential mortgage delinquencies, as reported by the Mortgage Bankers Association.
“Rocktop is launching ForeSight at a critical moment for our clients, who are still experiencing stalled growth and prioritizing expense reduction and operational improvements,” said Cade Thompson, Co-President and Chief Growth Officer.
ForeSight supports mortgage servicers and their foreclosure counsel in this effort by optimizing foreclosure title review processes, while delivering cost savings and infinite scalability. The solution provides a smoother and faster path to referral and first legal action by reducing average workflow timelines. Key features include:
- Comprehensive title evaluation to address exceptions and identify defects earlier in the default cycle
- Thorough collateral analyses to ensure referral readiness
- Proactive filing of title claims to mitigate issues that could derail momentum
- Assignment of Mortgage (AOM) chain review
- Compilation of foreclosure summary packages
Read More: AP Automation Adoption: The Productivity Paradox
A more detailed breakdown of benefits includes:
- Cost savings: Reduction in curtailment risk by eliminating additional title claim charges and reducing fees from unresolved title issues
- Risk mitigation: Lowering servicers’ exposure to potential legal and financial liabilities by identifying impediments before they escalate
- Time efficiency: Minimizing the window between a default event and an attorney referral, and from referral to first legal
- Competitive Advantage: Improving servicers’ competitive advantage by ensuring a smoother process in a dynamic market
ForeSight builds on Rocktop Technologies’ combination of mortgage domain expertise and mastery of advanced technologies such as data science, machine learning and AI to automate:
- The collection and integration of data from various sources, such as servicer platforms, public records and title companies
- Data analysis using Rocktop’s proprietary logic to detect potential impediments and notify stakeholders of prioritized action items
- Resolution of title defects or collateral issues, with follow-ups and status tracking
- Reporting and insights, using comprehensive dashboards and proactive monitoring to provide visibility into progress, cost savings, and improved efficiencies
[To share your insights with us, please write to psen@itechseries.com ]
