First American Default Technologies Launches VendorScape Loss Mitigation for Mortgage Default Servic
—New Module Creates Seamless Communication and Data Exchange for Faster, More Accurate Workout Solution —
August 19, 2008, SANTA ANA, Calif.
First American Default Technologies, a member of The First American Corporation (NYSE:FAF) family of companies and the leader in host-system integration technology, announced today the launch of its VendorScape™ Loss Mitigation module.
VendorScape Loss Mitigation is an advanced solution that evaluates loan properties, borrowers’ interview results and financials, and recommends available work-out plans. The solution leverages the VendorScape platform to improve coordination between all parties, streamline processes, reduce investor losses and create the best case workout solutions. Clients can configure custom business rules that extend beyond standard investor guidelines. The system automates processes and enables electronic ordering of third-party loss mitigation services, including broker price opinions, documents and credit reports.
“We are aligning the servicer, attorney and all parties involved in the workout process on a common platform,” said Bob Thornton, president of First American Default Technologies. “Everyone’s goal, from the servicer to the consumer, is the fastest, most accurate workout. This solution promotes consistency, addresses rapidly changing regulations and quickly and accurately processes and completes workouts.”
Vendorscape Loss Mitigation includes a rules-based intelligent interview, streamlined income, asset and liability analysis and an automated workout determination. Additionally, the module incorporates gain and loss analysis, Internal Revenue Service standards, an analytical calculator and post-workout compliance monitoring and reporting.
“Market conditions, regulations and backlogs regarding loss mitigation are changing daily,” Thornton added. “By implementing client templates at the beginning we are able to bring all parties together through the efficiency of automation and expedite the loss mitigation process. Vendorscape Loss Mitigation is the latest example of our dedication to creating flexible solutions for changing market conditions.”
About First American Default Technologies
First American Default Technologies’ software systems are used by many of the nation’s leading mortgage servicers to automate operations, reduce costs and mitigate risk. The First American Default Technologies product suite includes VendorScape default case management workflow and communications platform, iClear™ automated exception-based invoice management, CMAX® automated claims management, NDS™ desktop trustee system and DAISY® default reporting tool.
About First American
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With revenues of approximately $8.2 billion in 2007, it is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Information and Outsourcing Solutions, Data and Analytic Solutions, and Risk Mitigation and Business Solutions. More information about the company and an archive of its press releases can be found at www.firstam.com.