Steel Mountain Unveils Servicing Software

Posted by Orb Staff on August 19, 2010 No Comments
Categories : Mortgage Servicing

SMART Servicing LLC, an affiliate of Steel Mountain Capital Management, has begun marketing its proprietary Servicing Management Asset Recovery & Tracking (SMART) software solution. The application is a servicing tool that the company says provides loan-level information necessary to control loss severity and provides asset-level transparency outside the traditional servicing system formats.

The software, designed to work in conjunction with existing servicing systems and loss mitigation processes, provides customized screen views that allow users to track and summarize more than 740 loan-level characteristics and related daily servicer actions, Steel Mountain says. The SMART database is updated nightly with proprietary scripts via a user's existing servicing data.

The system allows users to view historical borrower activity; daily servicer collection comments; daily updates of loss mitigation activities; bankruptcy, foreclosure actions and timeline management functions; payments received and corporate/escrow advance activity; historical broker price opinion (BPO) value tracking; real estate owned process review and listing management; collateral document location, availability and tracking; chain of assignment and endorsement review; and tracking and on-screen examination of actual BPO and collateral document images, the company says.

SOURCE: Steel Mountain Capital Group LLC

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