Loan Servicing

Advanced Approaches to Managing Servicing Risk

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First American CoreLogic’s comprehensive suite of automated tools allows mortgage servicing professionals to effectively pinpoint problem loans, streamline valuations, and significantly reduce the overall cost of servicing.

By applying First American CoreLogic tools such as LoanSafe^TM and HistoryPro Review^TM to the loan servicing workflow, servicers can now take a more advanced approach to mortgage risk management. First American CoreLogic’s industry-leading tools provide effective methods for minimizing cost, improving workflow, and mitigating potential loss incurred on a portfolio.

First American CoreLogic mortgage risk management tools stratify loans into risk gradients – based on collateral and identity scoring - separating accounts with low risk profiles from those that require closer inspection - even when there is no payment history to evaluate. Loss Mitigation efforts can also be streamlined with more complete knowledge of underlying collateral risk.

Through First American CoreLogic tools, servicers can also calculate value in distressed environments for better decisioning, maximize REO asset management, maximize efficiency in portfolio management, and better prioritize due diligence resources.

First American CoreLogic’s automated solutions are available through secure bulk processing, Web interface and direct XML integration with workflow processing available to speed analysis.

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"Heads are rolling at some of the biggest financial firms - most recently at Citigroup and Merrill Lynch, where defaults on the subprime mortgages in which they invested are leading to billions of dollars in losses. Furthermore, it is unclear whether costs and careers will be the only worries for these firms and their current or former executives.

Consider the Sarbanes-Oxley (SOX) mandate for real-time, accurate reporting of a public company’s business state and any recognized risks. In the wake of widely reset forecasts on their losses, publicly traded firms - Bear Stearns, Citigroup, Merrill Lynch and many others - undoubtedly will face scrutiny as to whether they complied with the reporting processes legally required by SOX..."

For the complete article:
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From Servicers Must Work Closely With Investors...And Vice Versa

Servicing Management, January 2008