Default servicing software provider Quandis Inc. has launched Quandis Loan Servicing (QLS), an end-to-end default management platform that automates and compliantly manages the default process from start to finish.
The Web-based solution can be purchased as a complete, all-in-one platform or, alternatively, servicers can subscribe to the individual modules that comprise the system on a standalone basis. This enables servicers to take a ‘mix and match’ approach to software and systems, which in turn helps them get more out of existing technology investments and avoid retraining.
The solution consists of a suite of modules, including loss mitigation, collections, short sales, loan modifications, deeds in lieu, foreclosure, bankruptcy (including POC and MFR), evictions and REO. It also sports modules handling document imaging and production, workflow, business rules, contact management, messaging, work queuing and load balancing, analytics, and reporting.
‘The default servicing systems that are currently available in the mortgage industry are antiquated and fall short of what servicers truly need to operate efficiently, nimbly and compliantly in today's fast-moving, challenging, regulatory intensive business environment,’ says Scott Stoddard, CEO of Quandis, in a release. ‘In order to effectively handle the complexities and many nuances in a very fluid marketplace, servicers need extremely configurable, flexible, agile technology.’
Using this platform, servicers can automate select parts of their default processes and use additional vendors and/or in-house technologies for other functions.Â
At the core of QLS is Quandis Business Objects (QBO), which provides non-technical business people with a user-friendly interface that allows them to configure workflow, business rules, document and contact management, and configurations without needing the assistance of IT staff.Â As a result, business analysts are able to create and control workflows themselves, drive internal processes and solution development, quickly respond and adapt to market conditions, and implement new compliance and state-based rules, among other capabilities.
‘One of the biggest advantages that QLS offers is the ability for business analysts to easily create, deploy and manage configurations and business rules,’ says Eric Patrick, chief technology officer at Quandis. ‘QLS was completely built with the business user in mind to empower them with an intuitive web browser interface that allows them to manage and make adjustments to critical areas within the lifecycle of defaults, and have real-time visibility and loan pipeline status.’
QLS integrates seamlessly with servicing platforms, attorney case management systems, accounting systems and third party applications. Various QLS modules are already in use by one of the government sponsored enterprises, major loan servicers, a publicly traded specialty financial services firm, default attorneys and other servicing entities.