*Did That Technology Make A Difference?*
**By Tony Garritano**
***I always say that technology for the sake of technology is a waste. Do you need a cloud-based system? Maybe. If that approach aligns with your strategy, go for it. But don’t just buy it because everyone is talking about cloud-based technology. As the saying goes: Get your head out of the clouds. Here’s a good example of good technology in play for a good reason:
****Quandis, Inc., a provider of default management mortgage technology solutions, announced that Bankers Asset Management (BAM), an established outsourcer of REO asset management valuation services, is successfully utilizing its valuation system to streamline the company’s entire broker price opinion (BPO) process within BAM’s valuations division. Quandis’ solution ensures that agents are of high quality, BPO orders are submitted in a timely manner, and all BPO files are complete and accurate.
****Quandis’ valuation system is completely Web-based and enables outsourcers like BAM to effectively manage the placement, receipt, distribution, processing and automatic delivery of BPO orders. Approved agents are provided with secure logins to use a centralized Web portal to receive order requests, complete BPOs, submit them using a standardized form, and check status. BAM’s internal staff utilizes the application to automate their BPO workflow, complete scheduled tasks, and quickly and accurately review, audit and fulfill orders for clients.
****“Quandis’ solution gives us complete control over our BPO process and provides us with visibility over agents working with us in the field, which has resulted in our ability to quickly, efficiently and cost effectively deliver accurate, well-documented BPOs to our clients that helps eliminate risk,” said Richard Johnston, senior vice president at BAM. “What has been incredibly helpful to us is the use of a standardized BPO form that Quandis customized for us that contains all relevant data for the BPO. It’s really been key to being able to provide a better BPO product and service to our clients. It plainly lays out information and also helps establish much needed checks and balances that all necessary steps were correctly taken and values are accurate. And, it has helped grow our business.”
****In addition and also key to the valuation system is that it is seamlessly integrated with BAM’s back-office REO processing application, thus eliminating the need to rekey data and facilitating better communications between staff and agents.
****Johnston added: “This system-to-system integration is one of the best I’ve ever seen in all my years working in the REO space. We were extremely impressed with Quandis’ ability to accomplish such a tight bi-directional integration; and, they were able to take us live in under 40 days.”
****“BAM is a forward-thinking organization that truly understands the value of default servicing technology and how to utilize it to provide excellence in service to clients. Their strong commitment to innovation and continual advancement of their technology stack is in part why they are able to efficiently and cost effectively handle the entire valuation process from soup-to-nuts as a full-service REO outsourcer for their client base,” commented Scott Stoddard, CEO of Quandis.
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.