NetDirector’s data and document exchange automation for Field Services is the industry solution to the ongoing profitability struggle being played out within every regional preservation company throughout the country. With combined executive operating experience leading both a national contracting firm followed by CEO of a multi-state regional preservation company, I learned first-hand the immense difficulty in modeling an efficient and compliant back-office processing unit. I learned that in order to maintain timeline compliance and train staff members that were subject matter experts in both the preservation business as well as for their assigned client system(s), the bloat that is created within the operations department is grossly unsustainable. Since joining NetDirector, I have had many conversations with regional preservation executives and EVERY discussion has confirmed this remains the case in today’s market and represents enormous risk to the regional firms, their national contracting clients, and to the mortgage servicing arena itself.
Combine those facts with the reality that compliance standards, along with the associated costs, are only going to continue to increase as the mortgage banks/non-bank’s compliance standards continue to evolve due to the pressures of the increased scrutiny by the CFPB, FHFA, and other industry regulators.
Getting a work order in from the field and processed through the system according to national client requirements, within a specific timeframe, and in a conformance standard such that the order would not be re-submitted to the supplier for non-compliance reasons, is nothing short of miraculous. The technology available within the industry today does not provide the support or systems necessary to accomplish these tasks on a consistent, repeatable, and cost-effective basis. The end result is that regional preservation suppliers build large, bloated back-office processing shops that keep them barely operational and which represent the most significant risk to the viability of their national contracting client firms.
In 2003, NetDirector found this same manual processing model was in place within the mortgage default attorney marketplace and began to build a technical solution which absolutely transformed the back-office shops of the attorney firms. The data and document exchange solution enabled the firms to process substantially higher volumes with fewer FTE by enabling disparate technology systems to interact with one another via a single connection to NetDirector’s exchange hub. The hub serves NetDirector’s clients by transforming and translating data and documents in a standardized fashion and then delivering that information to their clients and trading partners in a consistent manner, all without human intervention. Had the Great Recession of the late 2000s occurred without this exchange hub being in place, the legal mortgage default processing world would have been brought to a virtual standstill and would have looked more like the court systems looked as the piles of paperwork began to stack up.
Today, the regional preservation contracting industry remains at elevated risk primarily due to the limitations posed by the inability to bridge the back-office processing units with the national client systems via a scalable and vendor neutral data and document exchange service. NetDirector supplies the existing systems, technical knowledge, tier-one client support, and proven track record of connecting disparate platforms to automate manual processes and bring profitability and dependability back into equation.
You can contact NetDirector today to learn more about how to streamline your processing department and take your shop to the next level. Call Anthony Box at 813.448.7059 or connect via email at email@example.com to schedule a demo of our industry solution.