Mortgage Contracting Services (MCS), a Plano, Texas-based property preservation and inspection services provider to the financial services industry, is partnering with Dallas-based HomeTelos to streamline communication between servicer clients and their investors.
According to the companies, the partnership involves MCS' integration with HomeTelos' Property Preservation/Field Services Web-based platform for managing assets in pre-foreclosure through real estate owned properties that automates workflow resulting in real-time communication. This platform includes an electronic bid submission system that houses mission-critical preservation data for investors, such as photo documentation, damages and approvals.
‘The default servicing sector is very time-sensitive, so any opportunity to shorten the timeframe in the preservation approval process – while not also jeopardizing accuracy – is paramount,’ says Caroline Reaves, CEO of MCS.
The integration enables MCS to now submit bids to investors in real time, as opposed to the previous 24-hour delay in processing, the companies add, thus eliminating manual entries while improving the accuracy of the information.