| Topic: | #1 Solution for Lien Release / Reconveyance | TP-210 | ||
| Keyword: | Secondary Market Software | |||
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| Visionet Systems | Email | Contact | Postings | Edit | CT434128 |
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#1 Solution for Lien Release / Reconveyance
Revolution in Lien Residential Mortgage Lien Release VisiRelease® is a software product for efficiently processing releases and assignment documents for residential loan mortgages and trust deeds. The pressure on servicers to lower operational costs is tremendous. Visionet is stepping up to the challenge and helping mortgage clients lower the transaction costs. We are announcing the availability of our lien release product branded VisiRelease®. Visionet took a holistic approach to the development and designed VisiRelease® to align people, process and technology of a customer. VisiRelease® is architectected to deliver a productivity boost of 50% or higher. The Challenge For the reconveyance department the clock starts ticking from the time the loan is paid-off; documents must be retrieved from the custodian, release must be prepared signed and witnessed, checks for recording fees prepared and final package sent out in less than 10 days in some states. The current process is mostly manual. A team of 20 people handling 15, 000 releases a month is not unusual. The situation became worse during the re-finance boom. Like any manual intensive task the quality of the task is dependent on the person doing the job. To mitigate this, Visionet set out to put a flexible technology driven discipline around the lien release process so that if task A is not done the follow on task will be held in a queue and management will be informed. Solution Using Business Process Modeling techniques the reconveyance process was translated into an optimized workflow consisting of automated, hybrid and manual tasks. This allows the supervisor’s to assign, monitor and measure workload at FTEs, Teams and departmental levels. Business Processes were automated, to pull, translate and populate existing information from upstream systems. Similar automation was designed to feed downstream systems. Visionet’s team has refined the business process in an optimum way, starting from Payoff to Final Package Sent activity, . This resulted in reducing the reconveyance time to the minimum allowed by the statues. The Management, Supervisor and User work queues are implemented to prioritize work and highlight exceptions. A database driven Business Engine enables the users to define complex business conditions. These business conditions are associated with the relevant tasks to ensure verification at completion of each task. A powerful and flexible print engine is implemented for printing of release, assignments and lost notes, with or without electronic signatures. VisiRelease® is an orchestration of task dependent workflow, rules templates and interfaces operating seamlessly under a queue management environment.. Individual team members or whole teams can operate locally, near-shore or offshore. A 20 person lien release team could improve its throughput by 100%. The system could also be configured to right size a hypothetical 20 person lien release department to 4 in the US and 10 offshore, lowering the cost per release to $3. www.visionetsystems.com/visirelease.htm |
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