New Transactions – Referral Request, Document Request, Reflag Referral Request

We’re excited to be offering three new transactions to our clients that will increase automation of your business processes.

The first is a referral request enhancement. The Referral Request is a request/response transaction for Black Knight only. This enhancement provides firms with the ability to get completed step/form information from a referral. This request can additionally be triggered based on the receipt of sub process referrals that are launched from the completion of a DDF or from a step present in the workload. (additional fee request process).

Benefits of the Referral Request include the retrieval of data filled in by servicers in DDF through an automated process, and getting completed step dates of old referrals and transfer files.

The second new transaction is the Document Request. This is available for Black Knight V2 currently, with Black Knight V3 available in December of 2016. The request contains the RID of the referral package your firm would want to receive.

This transaction alleviates the auto-completion of milestone events from downloading documents, and would still allow firms to select which document types they want to receive, and when they receive them. The cost for the Document Request is one base transaction, and returned documents are charged as normal documents.

The third transaction being added is a Reflag Referral Request. This transaction provides the ability to receive referrals through the existing referral intake process. This transaction is based on the RID for BKFS, or the loan number and case type for Vendorscape. The process consists of the request but also includes an asynchronous response to ensure your firm knows that the referral has been properly reflagged.

Benefits of the Reflag Referral Request include the ability for firms to import transfer files or referrals with changed information or additional information. The cost for Reflag Referrals is one base transaction.

We are currently seeking beta testers for the Doc Request and Reflag Referral transaction types – please contact your integration analyst if interested, or email ndsupport@netdirector.biz.

Interview: NetDirector CEO Harry Beisswenger on JobTalk (Part 3)

Harry_03272015-1024x1024This is an excerpt from a recent interview with our CEO, Harry Beisswenger, on JobTalk with Dean Logan. This is the lastpart of a multi-part series about the history of NetDirector, our staff, our mission, and our future. Enjoy!

Dean: So now the biggest thing that has come up is healthcare; your entrance into that market, right? You have a real good product that is going to help do the same thing you did for mortgage industry in healthcare. So, tell us how that works.

Harry: One of the things we saw 3 or 4 years ago was, when going to a physician or hospital, you’re filling out forms. Everybody has to go through that, so the patient experience is you’re filling out all these forms every time you go and see a physician or if you change doctors. If you go to a hospital, they generally don’t have your patient records from your primary care physician. So there’s a lot of manual entry, it’s not secure, they’re asking you to put your social security number on a form (which I never do by the way).

Dean: Right.

Harry: So the patient experience is not that great when it comes to their records following them between their providers. One of the things that we saw with our existing product is that we would be a good fit to help solve that. We would have providers and vendors connect to our data exchange and be able to exchange patient information and billing information in a seamless fashion. The patient record would follow them wherever they go. So another use case would be: a patient goes into a hospital and they’re having an issue, the hospital could do a request to their primary care physician so they would be up to speed before treating that patient. Things like their medication list, that’s another thing you have to fill out everywhere. If you have a lot of medications you have to keep track of dosage and all those things. Our service could enable the reduction in medication conflicts.

Dean: If I’m a hospital administrator listening to this program, specifically what would you tell me that would make me want to be engaged with Netdirector?

Harry: Dean, we’re a paradigm shift. We are kind of a disruptive force in healthcare. Typically, what we’ve seen in hospitals is they run on-premise integration engines, which use the model of “connect to each of the providers individually”, so a direct connect interface. Our approach is, you do not have to manage, it’s zero footprint, and you don’t need software or hardware on site. You would connect to us once, map once, and you’d be done. Again, set it and forget it instead of having to set up each interface with each customer individually and create all the business logic and formatting, etc. We significantly reduce their hardware/software costs, as well as their analysts, technology costs or resource costs which are very expensive.

Dean: But still, what’s the advantage, though? I’m doing it now and it’s disruptive, right? So I’m that hospital administrator and why would I want to go through all of this; I’m doing it fine now, everything’s still productive, why would I be willing to go through all of that change?

Harry: Right, again it’s a paradigm shift and we have a good use case, our first anchor customer. They were using multiple integration engines, and their high-priced technologists were spending a lot of time working on setting up each new client, so the onboarding process was very costly. With our approach they could transition to outsourcing that technology service; instead of doing it themselves they would set up their single connection to us they would reduce, like I said, resource cost. So they don’t need a high price HL7 analyst as well as software/hardware costs on premise. So it’s more of a subscription model, a cloud-based model. You see it all over now – it’s very popular in all types of software. Look at your email, it’s now Outlook 365 – it’s all cloud based, versus running your own software in-house or running Exchange in-house; we’re using that at our company. So that’s just an example of a number of software platforms that are moving to the cloud, and customers seem to be embracing it.

Dean: Can you talk about a percentage of savings or anything like that, that you expect somebody to have? Any data on that yet?

Harry: We’re still gathering data. We do have pretty defendable ROIs in mortgage banking, and they have pretty much held true. I mentioned some of those early on; you can save x amount of time per transaction and we save you a fraction of that as far as your monthly subscription, yet you would see a significant return on investment. Yes, we are starting to gather the data in healthcare and it really depends on the type of provider, but you could see anywhere from 25 to 100% return.

Dean: Really? So if I was interested, how long would it take me to get set up?

Harry:  With the “set it and forget it”, it’s done once. Generally, it’s a 30-60 day process.

Dean: That’s great. And you mentioned HL7, what is that exactly?

Harry: Well within healthcare there is a standard patient data record and they have standards for all types of things, from billing records to patient demographics; the issue is that most of the providers and vendors in that ecosystem, they all use it differently and that’s the benefit of our approach. We have a straight HL7 transaction in our data dictionary where they can map to the individual field so they get it the way they want it each time. We also add business logic to that, for instance, we can strip data off of one transaction and import it into another, so it saves them time if they don’t store that information.

Dean: Does your system also work with images?

Harry: Yes, we do support document transfer of all types, so PDFs, Word docs, any kind of images can be sent through the system.

Dean: Who’s your main customer in the healthcare market?

Harry: The original client that signed on and helped us bring it to market is a radiology company. So the first use case was a 24/7 teleradiology company that provides radiologists around the country, basically real time reads of various images; MRIs, cat scans, etc. so their customers are hospital systems, other imaging centers, emergency centers, where if someone has an accident and they go in and get the MRI done, that order is then sent to them through us at any time of the day or night and their radiologist would they read the order and send back the report on what they read and the results. They would send that back to the hospital, or the other imaging center, etc. So that’s the initial use case and there are also patient updates that go back and forth, as well as a billing component so we’re taking some of that data and sending it to a billing company who bills the insurance.

Dean: So they’re billing a little differently?

Harry: Yes, so that ecosystem currently consists of about 15 hospital systems and teleradiology systems.

Dean: So my guest is Harry Beisswenger, the CEO of NetDirector, and Harry we really just have time for a few more questions.

Harry: OK great.

Dean: Time is flying by really quick, so let’s talk about some jobs at NetDirector. You guys are expanding, tell us about it; do you have any openings right now?

Harry: Our environment has gotten a lot more complex with adding the healthcare technology stack so we’re looking for another system administrator that has experience managing enterprise infrastructure systems. We’re currently running our technology stack at a data center here in Tampa and then we have one in Atlanta and they actually replicate between the two. So again, it’s a much more complex environment, so we’re bringing on a high-end system administrator. We already have one but we want to have a redundancy with that position. Then we’re also looking for an HL7 analyst, so someone that is a subject matter expert.

Dean: One of those high-priced guys?

Harry: Yes, yes, so we’re the ones that provide that subject matter expertise and that’s another one of our benefits or value to our customers.

Dean: Absolutely, and you really do have an excellent team over there. They’re very strong.

Harry: Yes, our team is great and we get the credible scores on customer service satisfaction. We do a survey every year.

Dean: That’s great. So that brings us to the interview tip of the week. If somebody does want to apply for a position at NetDirector, what piece of advice would you give them?

Harry: Well, this is pretty timely. I just hired two new people that report to me and one of them was a marketing manager. A tip I would give and what appeals to me about a candidate is somebody that understands our business before coming in. so somebody that has really reviewed our website and has good questions about our product and service, and that can add value. In the case of a marketing manager, they looked on our website and didn’t see any case studies. They said “that’s what I did at my previous job, I put together these case studies on the previous website,” so somebody that can provide that instant value. And just one other quick thing, send a thank you note.

Dean: Do you like that by mail or by email?

Harry: Either way, but just take the time to again say what you can provide, and what you can do for the company.

Dean: That’s great advice, Harry. Thank you. So, are there any upcoming events at NetDirector that you want to talk about at all? I think you have some conferences scheduled.

Harry: Yes, so we do a tri-annual user group that we do via the web and we’ve been doing those since 2006 and it’s a good way to educate our customers on what’s going on in the industry and the market, but our big event is coming in January of 2017. We’re hosting an on-premise client conference. It’ll be our first one, so we’ve rented out space at the Renaissance and the international plaza and we’re already starting to drum up interest from our client base.

Dean: And that’s in Tampa?

Harry: Yes, in Tampa.

Dean: So we’ll have to mention that coming around in December of this year definitely. January of 2017?

Harry: Yes, right around Gasparilla.

Dean: Oh really, okay perfect. So also at this time I also like to give my guests a chance to say hello to anyone they want, so anyone you would like to say hello to?

Harry: Absolutely. My wife Carrie, my daughter Bridget who is in New York doing an internship, my son Will in Fort Myers at Florida Gulf Coast, and my team at NetDirector; they’re all great in Westchase, working hard on mortgage banking and healthcare.

Dean: And just one last thing, I’d like to get your opinion for those people that are considering a new location for their family or business, and you’re somebody that’s been here 16 years, but you’ve had experiences other places, so what would you tell those folks that are looking for a place. What would you tell them about Tampa Bay, in your opinion, is it a good place?

Harry: Well, I’ve loved it. It’s been a great place to work and live. The weather is fantastic and I see more technology talent moving to the area. So it seems like we’ve had an easier job bringing on those A-players which is required for our business.

Dean: And that’s been a question for people; is there talent here, especially on the technology side? So you’re in that market and you’re saying there’s a good flow of people and talent in that area. That’s good news.

Harry: I wouldn’t say it’s like Silicon Valley, but we’re getting there.

Dean: That’s great, so that’s really it Harry. I just want to thank you so much for being here today and telling us all about your new healthcare venture and your new product. I’m very excited for you. If people want to know more about NetDirector, how can they do that?

Harry: Well, first go to our website at netdirector.biz and on the website you can request demonstrations, you can request more information, request access to our account managers, and we’re more than willing to have you to our office and take you through a tour of our service.

Dean: Wonderful and again Harry, thank you so much for being here. I know you traveled a long way to get here. Thank you so much.

Harry: Thanks, Dean.

Dean: So my guest has been Harry Beisswenger, the CEO of NetDirector, an award winning company that has an incredible product. For more information about NetDirector, especially if you’re in a healthcare setting and looking for ways to improve your communication, check out their website at netdirector.biz and contact them for a demonstration.

 

 

Interview: NetDirector CEO Harry Beisswenger on JobTalk (Part 2)

Harry_03272015-1024x1024This is an excerpt from a recent interview of our CEO, Harry Beisswenger, on JobTalk with Dean Logan. This is the first part of a multi-part series about the history of NetDirector, our staff, our mission, and our future. Enjoy!

Dean: So let’s talk about some of the services that you actually provide there. What is NetExtract?

Harry: So along with moving foreclosure files, which we call milestone events, there are events that are updated by an attorney or completed by an attorney and they have to update a servicer system. Each step along the way, as well, there are a lot of documents that go back and forth. One of those documents, or some of those documents, have legal descriptions. Those legal descriptions are very lengthy and have a lot of formatting on them, like lenght/depth, the size of the property, so there are various symbols that are used. So what we do for the attorneys is that their normal process would be that they have a processor actually review the document and they are keying the legal description into their case system. That could take 30 minutes to an hour and it has to be proofed multiple times. What we do is we get the mortgage note electronically from the servicer. We use OCR technology to extract that data and format it into structured information that can be imported right into the attorney’s case system. Also, one of the things that we added, since some of these documents can be of poor quality when they’re scanned multiple times and they are not legible, we actually have secondary resources that are on our staff that compare our document and make sure that it gets to 100% accuracy, so if the OCR doesn’t pick up some of the data elements correctly, we actually resolve those and then send the information to the attorney. So we are actually saving them 30 minutes to an hour per document and reducing a lot of those data keying mistakes that can potentially happen.

Dean: That’s a lot of time.

Harry: Yes, so it’s a significant value to our customers.

Dean: Let’s also talk about, what’s a military search? What do you do in that regard?

Harry: Yes, so within the mortgage banking sector, there’s SCRA, the Servicemembers Civil Relief Act, that protects active-duty military from being foreclosed on, or being evicted from properties. So what we do there is we do searches throughout the life of a foreclosure to check the department of defense site to make sure the borrower is not active military. That service has exploded over the past 5 years. Initially, when we came out with it, the servicers required one check at that beginning of a foreclosure. Today, some of them require 15 checks, so that is somebody going out to the department of defense site, keying in the social security number, or other pertinent data and then if the person is active duty, they have to key it into their system. They also have to download a certificate that they did the search, for compliance reasons, and potentially a screenshot that they actually did the search. We automate that entire process, in real time. So the attorney will be in their case system and they hit a button, or they have it automated at different processes or timeframes to automatically go out to us, request a search, we can find the individual whether they have a social or not, that’s another nice service. So if they do not have a social, we actually go out, find the social, do the search, bring back the data, the certificate of search as well as the screenshot and populate their case management system automatically. So again, you’re saving about 5 to 10 minutes per search.  It’s a significant return on investment. Some of our firms are doing 50,000 searches a month.

Dean: So are these part of your premium services?

Harry: Yes, we have a group of premium services; NetExtract, Military search, we have a Pacer bankruptcy search, which works similar to military, which we’re going out to government sites and figuring out if the borrower is in bankruptcy. We search both regional and national bankruptcy sites, and we bring back multiple documents, bankruptcy dockets and other search results that are required by the servicer.

Dean: And you also do, is it a death search, is that what it is?

Harry: Yes, so part of our value to our customers is we have various person searches. One of those is a death search. You’re not going to want to foreclose on someone that is deceased, so we go out and find out, similar to the other searches, whether that person is deceased. If they’re deceased, they would stop the foreclosure process.

Dean: Great. So it sounds like an interesting market that you’ve worked on, and you’re the leader in that market, aren’t you?

Harry: Yes, in the mortgage banking sector, we have a very good market share and we have 130 attorneys out of probably 250 who use us for their integration services.

Dean: That’s a great reputation, Harry. That’s wonderful. So you also do the same kind of thing with technology and how does technology, how can they use your product.

Harry: The technology is really what’s behind the scenes. We provide a cloud-based system, so what I call zero-footprint for the customer. We do not require them to run any hardware or software at their site. They are just connecting, via the internet, their case system with our data exchange. And then we are handling not only the movement of data, but we also act as a centralized universal translator. So not only do we move the data, we transform it for each customer so they can get the data exactly the way they want it, every time. That’s what I call “set it and forget it.” They map a standard transaction, let’s say a foreclosure file, so they pick the borrower name, address, social security number, birth date, that’s the basic demographic information. They can get the data every time, no matter which mortgage servicer system it’s coming from, they will get it in a standard format. So as we add new servicer systems, they can start sending the client data and the law firm doesn’t have to do anything. Again, “set it and forget it.”

Dean: That’s great. And you just upgraded your infrastructure, in order to expand into the healthcare market and so with that, is there a lot of reliability; is that secure? Can you tell us about that and let people know what it’s like if they were to work with you?

Harry: Yes, one of our biggest priorities is the security of the data. Both as we store it, which we only store messages for 30 days and customers can set it to wipe immediately if necessary. However, we’ve provided multi-layer security in our mortgage banking sectors in levels beyond online banking. We’ve gone above and beyond standard practices and enabled multilayer security, IP verification and other controls to protect the data when it’s en route and when it’s being stored. We comply there by getting a third party audit, to make our customers comfortable, we do a SOC2 Type II audit every year. To make sure that we have the correct processes in place and that we have all the security measures at not only our physical site, but at our data center and with our cloud infrastructure. So for instance, another layer that we put onto our security is security information and event management (SIEM) which tracks anything happening on our network at any time. And that’s one of the reasons we would generally know if there was any kind of probe or breach on our systems, or attempted breach, which we have not had because we would know ahead of time what is going on and be able to stop it. You hear of some of these breaches at some of these big companies for healthcare data and other data, and a lot of times they don’t know for weeks that they had even been hacked and that’s where that security, it’s call, SIEM layer, above our systems provides that extra protections.

Dean: So that’s not going to happen with you.

Harry: No; never say never, but we’ve put every precaution we can in place.

ERecording is now Supported by More than Half of the Country’s County Recorders

eRecordingOver the past several years, 68% of the nation’s recording jurisdictions have enabled eRecording to improve their workflows, which allows for a more efficient processes and reduces the time it takes to process mortgage banking documents.

Adoption of eRecording has been better than some perceive and is expected to see even more adoption now that the Consumer Financial Protection Bureau is pushing e-closings in response to the pending new disclosure regulations. ERecording helps ensure documents are recorded efficiently and without delay, which also helps local title companies address ALTA’s best practice guidelines that call for timely recording of documents and tracking document rejections and re-submissions.

So what does this mean for you?

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Securing NetDirector’s Cloud-Based Data Exchange

What does security mean to you?CloudSecurity

For each of us it means something different depending on what we want to secure. For some it may mean setting up a home alarm system to protect the family, locking the car doors to secure valuables, or saving enough money to secure one’s livelihood for 6 months in case of a layoff or medical emergency.

Whatever you are trying to secure it is important to have a high quality security system in place with a proven track record to prevent intrusions.

Due to the overwhelming increase in vulnerability of the small to mid-size businesses, our goal at NetDirector is to secure our data exchange software so that our customers and service providers are confident their valuable data is safe and secure.

How does NetDirector secure the data exchange software?

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Welcome to NetDirector’s Blog

Welcome to our new blog!blog-world

NetDirector has been committed to providing top notch customer service and we believe our blog will be another opportunity for us to reach our customers, servicers, partners, and prospects, while keeping them up-to-date on the latest industry news, software updates, company news, and community involvement. Please take a moment to save our blog and RSS feed.

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