Technology should help lenders and servicer alike better monitor their businesses. For example, Denver, Colo.-based Statebridge Company, LLC, a leader in residential mortgage special servicing, has selected its web-based, end-to-end default management platform, Tempo. Here’s why:
Statebridge selected Tempo because it was in need of a default platform that would allow it to monitor every phase of a default, from loss mitigation through REO. With Tempo, information flows seamlessly from one module to the next, eliminating dual tracking and duplicate data. Now Statebridge will have access to a fully customizable workflow engine, which will enable it to change or add tasks at any time throughout the process within one comprehensive system. Tempo also offers built-in compliance features that help identify regulatory deviances and internal audit capabilities. An informative dashboard provides Statebridge with the necessary tools to analyze information on its default loans and take necessary steps to ensure optimal servicing.
“We were looking for a centralized platform for managing and monitoring foreclosures and bankruptcies while improving efficiencies,” said David McDonnell, managing director, Statebridge. “With Tempo, we’ll now have a single system that allows us to track our loans, communicate with attorneys and provide our clients with access to all of the information on their defaulted loans.”
McDonnell added, “What interested us in Tempo was its user-friendly design and comprehensiveness. The investor access component is certainly appealing as it will cut down our clients’ dependability on our staff to provide loan-level updates. Plus, we anticipate a smooth conversion to Tempo with little concern for losing valuable historical information.”
“While the housing market continues to show signs of improvement, we are still faced with challenges related to millions of delinquent loans,” said Paul Imura, CMO and senior executive of ISGN. “Managing defaulted loans today is a complex and involved process, which is reflected in higher loan servicing costs. We are thrilled Statebridge will be using Tempo to drive efficiencies, improve reporting and deliver a better customer service experience to their clients.”