Wolters Kluwer said servicers outsourcing the entire default notice process to it through Pre-Foreclosure Manager can address large spikes in foreclosure volumes with limited in-house resources.
They can also reduce the risk of non-compliance with state and federal regulatory requirements as well as government lending program guidelines.
Pre-Foreclosure Manager features a web-based reporting module that allows servicers to access the notices and documents whenever needed, such as in instances of court proceedings and evidence of certified mail delivery.
According to Wolters Kluwer, the reporting module also allows servicers to track the generation, mailing, and fulfillment of notices, providing them with a tangible audit trail to validate compliance with regulators.
Wolters Kluwer Financial Services director of mortgage document services Art Tyszka said it’s clear the number of home loans in foreclosure will continue to rise or at least remain steady for the foreseeable future.
"Servicers will need to adopt robust compliance and fulfillment strategies to accommodate the large number of loans in default. Wolters Kluwer Financial Services can help them do that by making the front end of the foreclosure process fast and compliant," Tyszka said.
