Equi-Trax–DRI Management Partnership Creates Efficiencies, Cuts Costs
Equi-Trax Asset Solutions LP, an industry leader that offers powerful borrower outreach programs, dynamic portfolio analytics, and well-respected collateral valuations, and DRI Management Systems, Inc., the 27-year leader in default process management software, today announced that DRI Management has added Equi-Trax to its Service Ordering Platform. The Service Ordering Platform lets servicers automatically execute their orders for services, seamlessly manage incoming information from providers, and gain access to in-network vendors.
“The aim of this partnership is to combine DRI’s workflow automation and process improvement platform with the accuracy and timeliness of Equi-Trax’s BPO / CMAs,” said Fred Melgaard, chief operating officer of DRI. “BPO / CMAs are a key component to servicers’ efforts to address problem loans. We have created a way for servicers to order services, manage the information they receive from providers, and connect seamlessly with Equi-Trax.”
“We were impressed with DRI’s paperless approach to the business, which enables clients to avoid the chaos and confusion of paper-based processes, and instead focus on doing a great job valuing collateral,” said Guy Taylor, CEO of Equi-Trax. “More importantly, efficiencies and cost savings derived from the platform are significant, and depending upon the volume of the client savings, could pay for most if not all of the cost of the technology.”
Equi-Trax will also offer right-party contact services, appraisals, and inspections through the platform.
The system delivers efficiencies through order valuation services, allowing clients to monitor transactions, with the awareness that errors and non-reimbursable duplications are eliminated from the ordering process. Moreover, a rules engine ensures automated systems, and an integrated content management system that stores and tracks transaction information is just a click away.
“All parties can devote themselves to their core competencies, while we remove transaction friction, reduce their costs, and keep the default management process working smoothly,” said Melgaard.
DRI has been a pioneer on the default side of the mortgage business, and has become known for its ability to develop innovative products. “We think this partnership demonstrates the respect the mortgage industry has for the way we run our business and the quality of our services,” said Taylor.
About DRI Management Systems
Founded in 1984 and based in Newport Beach, California, DRI Default Management Services is the industry’s preeminent default solution, offering a suite of integrated default management software that can be used individually or in unison, and which can be interfaced with any other servicing or accounting system. DRI’s award-winning flagship technology, DRI OfficeTM, enables companies to expertly manage, automate and accelerate their servicing of defaulted loans, including prime and non-prime mortgages as well as secured and unsecured consumer loans. The DRI Office platform features a complete array of default management software modules, including: loss mitigation, pre-foreclosure, foreclosure, bankruptcy, REO, litigation, property preservation, administration, and claims and auto/consumer loans. Clients are among the nation’s top servicers. For more information, please visit www.DRIdefault.com.
About Equi-Trax Asset Solutions
Equi-Trax Asset Solutions LP, Santa Barbara, Calif., has developed proprietary portfolio analytics, well-respected collateral valuations, nationwide appraisal coverage, and powerful borrower outreach programs. Its proprietary solutions produce the most comprehensive and accurate portfolio analytics and pricing data available in the mortgage business. By leveraging AVM technology and the skills of certified appraisers licensed to serve the mortgage industry, Equi-Trax developed a new line of collateral valuation products that combined the best elements of BPO / CMAs, AVMs and desktop appraisals. In addition, Equi-Trax offers the most effective “door knock service” in the marketplace: Experienced, well-trained agents meet with borrowers to assess their ability to pay. The firm’s technology platform uses over 400 data rules and connections to over 17,000 certified, evaluated and performance-rated vendors to give its clients the information they need to manage their risk appropriately at a price they can afford. Find out more about Equi-Trax Asset Solutions at http://www.equi-trax.com.