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Scorecards serve an important purpose for the default servicing industry: they provide a relatively standardized method to measure performance and provide feedback, including tracked metrics, that can be analyzed by the servicer in an independent comparison across all firms.
Required by the FNMA Servicing Guidelines, servicer scorecards are a hot topic among default servicing law firms right now. With their ever-changing nature and the weight they can potentially hold on a firm’s success, we wanted to take a look at the scorecard process and break down how firms can improve their scorecards across the board by solving issues before they pop up.
Scorecards aren’t a perfect system though. Frequently, scorecards can be negatively impacted by aspects of the foreclosure process that are difficult or impossible for the firm to manage. These can often include:
According to a presentation at this year’s USFNdustry Forum, up to 33% of all referrals end up getting reprojected inappropriately, or needlessly escalated. Firms are left with redundant processes, providing similar or identical documentation over and over again while tracking down files via email/phone – all tasks that require valuable attention from skilled team members.
Firms can quickly become overwhelmed trying to solve these issues, especially as the needs and requirements change from servicer to servicer. With the right technology, however, firms can improve their scorecards without needless resource expenditure and constant upkeep.
NetDirector’s integration service and automation tools provide a flexible solution that can be configured per servicer and helps to resolve issues regardless of source. Fully integrated and automated solutions for Holds and Reprojections allow accurate stops and restarts even in complex Loss Mitigation situations. Additionally, our automated Death Search and PACER Bankruptcy Search functionality eliminates the need for manual data entry and tracking while ensuring the firm’s scorecard improvement and compliance requirements are met simultaneously. This is all combined with NetDirector’s seamless integration to CMS/servicer platform/title/etc. to ensure a connected environment that not only makes life easier but keeps servicers happy and scoring your firm highly.
Combined with Document Request and filtering tools, NetDirector provides an all-in-one solution for improving scorecards, and ultimately, increasing incoming business for default servicing firms. Reach out to us today at gretchen@netdirector.biz to learn more.
NetDirector was made aware in April that PennyMac would be transitioning to its own proprietary system on May 1st, 2022. All new referrals after that date will be transmitted via their new system, and no longer through VendorScape.
NetDirector has successfully completed the transition and testing process, and we’ve successfully implemented the new integration. There are still updates coming from PennyMac regarding process type, but we continue to work with them to identify any concerns.
Referral availability was extended to May 15th but is now fully transitioned over to their new platform. If you notice any issues or have questions about your PennyMac integration, please reach out to your integration analyst and we’ll be happy to assist!
Tampa, FL – November 17, 2020 – NetDirector, a cloud-based data exchange and integration-platform-as-a-service (iPaaS), has recently released a series of enhancements and new functionality to their HealthData Portal that enhance the integration visibility and management capabilities of users.
The HealthData Portal (HDP), NetDirector’s all-inclusive self-service web application for managing and monitoring healthcare integrations, allows users to see the connections and individual data transactions associated with their many integrations, and ensure the health of their overall data environment in real time.
These latest enhancements to the HDP, called HDP Expansion Pack #1, provide several new levels of security and transparency that will enhance quality of life and data security for users at all levels.
Multi-Factor Authentication
Adding Multi-Factor Authentication (MFA) increases the security of the patient’s Personal Health Information (PHI) by requiring users that access the HDP to use an industry standard two-step verification process before viewing any data.
Message View/Download
In addition to being able to monitor connections and message quantity/success rate, users can now view the actual messages that are being sent from NetDirector to their trading partners. Allowing users to view the specific messages and the associated response (ACK) means that NetDirector clients can track and view the data that is being sent to their data partners immediately upon transfer. Users can now validate that an individual message was sent, view its contents, and review the response or acceptance message that the receiving system provided in return.
Message Associations
The HDP Expansion Pack #1 also provides the ability internally for NetDirector analysts to track various messages throughout a client’s data ecosystem. By tracking these messages, analysts and users can work together to see individual messages and how they travel through the various systems. They can then compare them at various points to the message that was received and/or originally generated to validate data transformations.
“We’re very excited to have launched our newest HealthData Portal expansion pack,” said Harry Beisswenger, CEO of NetDirector. “The self-service aspect of the HDP is an important piece of our integration solution for many of our clients, and the new Expansion Pack gives more flexibility for how users engage with their integrations while ensuring security at every step.”
About NetDirector:
NetDirector provides a secure cloud-based data and document exchange solution for the healthcare and mortgage banking industries to deliver seamless data integration between parties. NetDirector bridges gaps created by disparate systems & technologies by allowing companies at any location to share data & documents securely over a single internet connection with any other member of the ecosystem. Our approach allows trading partners to collaborate and exchange data in a seamless, bi-directional, real-time manner. With security and longevity as a focus, NetDirector is a HIPAA Compliant company, a 6-year member of the prominent Inc. 5000, and currently processes more than 10 million transactions per month.
Tampa, FL – October 27, 2020 – NetDirector, a cloud-based data exchange and integration platform, has recently undergone the intense task of renewing our SOC 2 ® and HIPAA compliance examinations with the help of nationally-renowned security audit firm, A-LIGN. NetDirector was recently awarded with complete attestations in compliance with HIPAA and SOC 2 Type II standards, two of the leading security standards in Healthcare and Mortgage Banking.
The SOC 2, or System and Organization Controls 2, is an examination under AICPA standards designed for technology service companies to demonstrate controls around data security and processing integrity. The SOC 2 reports are intended to meet the needs of a broad range of users (particularly those in legal, healthcare, and other industries with stringent regulations) that need to understand internal controls at a service organization as it relates to security, availability, process integrity, confidentiality, and privacy. The Type II report is a report on management’s description of a service organization’s system and the suitability of the design and operating effectiveness of controls.
The Health Insurance Portability and Accountability Act, or HIPAA, defines policies and procedures, as well as processes, which are required of companies that store, process, or handle electronic health information that is considered “protected” (ePHI). HIPAA compliance is increasingly valuable to both technology service providers and integrators like NetDirector, as well as providers, electronic health records systems, billing platforms, and others integrating and utilizing healthcare data.
Both the SOC 2 and the HIPAA audit were performed by Tampa-headquartered nationwide security and compliance solutions provider A-LIGN. A-LIGN specializes in helping businesses across a variety of industries navigate the complexities of specific audits and security assessments, and both the SOC 2 and HIPAA reports of A-LIGN’s findings can be made available to prospective or current customers.
“NetDirector displayed the necessary controls in their HIPAA and SOC 2 attestation reports,” said Scott Price, CEO of A-LIGN. “The organization delivers cloud-based data and document exchange services to their clients, and by communicating the results of the report, NetDirector can demonstrate to clients the controls relevant to address various levels of risk.”
In addition to the in-house attestations, the data centers utilized by NetDirector through Flexential maintain the most stringent and compliant security standards throughout their facilities and operations. Several technology companies have recently been brought to light as claiming “compliance” in their organization, when they really mean that their data center has gone through the rigorous examination, but they haven’t completed the process themselves. At NetDirector, the belief is in transparency and clear communication regarding security, including compliance audits at all ends of the process.
“I am very proud of our team for successfully completing these important 3rd party audits,” said Harry Beisswenger, NetDirector CEO. “The industries that we facilitate data integration for – Mortgage Banking and Healthcare – are two of the most highly regulated environments in terms of data security. We are committed to meeting and exceeding these industry standards so that our clients can always rest easy knowing their data is secure at every point in the integration process.”
Company Bio:
NetDirector provides a secure cloud-based data and document exchange solution for the healthcare and mortgage banking industries to deliver seamless data integration between parties. NetDirector bridges gaps created by disparate systems & technologies by allowing companies at any location to share data & documents securely over a single internet connection with any other member of the ecosystem. Our approach allows trading partners to collaborate and exchange data in a seamless, bi-directional, real-time manner. NetDirector currently processes more than 8 million transactions per month.
About A-LIGN
A-LIGN is a technology-enabled security and compliance partner trusted by more than 2,500 global organizations to help mitigate cybersecurity risks. A-LIGN uniquely delivers a single-provider approach as a HITRUST CSF Assessor firm, Qualified Security Assessor Company, accredited ISO 27001, ISO 27701 and ISO 22301 Certification Body, accredited FedRAMP 3PAO and licensed CPA firm. Working with small businesses to global enterprises, A-LIGN experts and its proprietary compliance management platform, A-SCEND, are transforming the compliance experience enabling an anytime, anywhere approach to audits. For more information, visit www.A-LIGN.com.
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Tampa, Fla. – April 16, 2020 – NetDirector, the most advanced cloud-based data exchange and integration platform for the default servicing industry, has released a new client-facing dashboard and analysis tool for their mortgage banking integration suite of services.
New Features, New Efficiencies
The most highly-demanded feature of the new Mortgage Banking dashboard is a series of analytics tools for transaction monitoring and analysis. Users will now be able to identify historical trends across a wide array of data sets, as well as monitor data flow and transaction success rates. These tools are built on cutting-edge frameworks and provide a clean graphical display of transaction frequency, volume, success, and more.
In addition, users can now see how their overall automation level compares to both the average NetDirector user and the users with the highest degree of automation by analyzing their Automation Footprint. The Automation Footprint is provided to each user on their personalized dashboard, where they can compare the number of different data transactions they are utilizing, to the maximum number possible, as well as to the average among all users and the highest among any one user.
The goal of providing this transparency is to allow default servicing firms and vendors to create highly reliable and efficient processes with as much automation as possible. As mortgage default volumes continue to shrink, firms are looking for every way possible to become lean and efficient. Their primary goal is to increase the volume of foreclosures they can process without adding labor and resources to their current team. Vendors are looking to increase their offerings and the ease of adoption/use for firms to ensure they continue to meet the rigorous technological demands of their customers. NetDirector enables both sides of the equation to reach unparalleled levels of efficiency and automation thanks to rapid deployment and one-to-many style integration hub technology.
Cutting-Edge Analytical Tools
The new Mortgage Banking Dashboard has three different views available by default, with sorting and filtering options around connection type, trading partner, date, and more. The new dashboard will provide unprecedented clarity into the activity going on behind the scenes of a firm’s case management system and integrations. This insight will allow both technical and legal professionals in a firm to accurately make decisions around new technologies, caseloads, timelines, and overall process improvement.
“We have always wanted firms to be in complete control of their integrations, even when we do the heavy lifting on their behalf,” said Harry Beisswenger, CEO of NetDirector. “With the new dashboard, they can see the integrations in real time and access a level of self-service previously unavailable, while still having their expert Integration Analyst and the years of NetDirector’s experience at their disposal.”
Company Bio:
NetDirector provides a secure cloud-based data and document exchange solution for the healthcare and mortgage banking industries to deliver seamless data integration between parties. NetDirector bridges gaps created by disparate systems & technologies by allowing companies at any location to share data & documents securely over a single internet connection with any other member of the ecosystem. Our approach allows trading partners to collaborate and exchange data in a seamless, bi-directional, real-time manner. With security and longevity as a focus, NetDirector is a certified SOC 2 type II and HIPAA Compliant company, a 6-year member of the prominent Inc. 5000, and currently processes more than 9 million transactions per month.
NetDirector & CaseAware have partnered together to bring essential integration solutions to all CaseAware clients.
Currently available integrations include:
With our SSN Finder, customers can fill in the gaps from the servicer-provided borrower information by securing the complete SSN. Send a name and address, and we’ll return the full social security number.
Benefits
The NetExtract transaction is a cloud-based Optical Character Recognition (OCR) technology that eliminates spending countless hours of error-prone manual keying and proofing legal descriptions in your CaseAware System.
Benefits
To start leveraging these integration options today for your CaseAware system, reach out to our National Account Manager, Gretchen Borer, at 813.343.0971 or email at gretchen@netdirector.biz for more information.
Back in January of 2019, we had the great pleasure of hosting many of our clients here in Tampa, FL for our second-ever Mortgage Banking Client Conference.
We put together a short recap video on the conference – take a look below and see what the event was all about! This is a must-attend event for our mortgage banking customers, and we hope to have even more of you there next year.
Data breaches remain an urgent daily concern for healthcare providers and their business partners. In August 2018 alone, the U.S. Department of Health and Human Services posted to its breach portal 18 separate incidents that exposed unsecured protected health information (PHI) affecting at least 500 individuals.
As outlined in the timeline below, during just the past three months, six distinct entities reported PHI breaches affecting more than 100,000 individuals.
A separate analysis, presented by the cybersecurity firm Protenus, found over 3 million patient records compromised in 142 healthcare incidents during the second quarter of 2018. Reported hacking events rose 73 percent compared to 2018’s first quarter, according to Protenus, with attacks spanning healthcare entities in 38 states.
Aside from workforce education regarding phishing attacks, hospitals and health systems should consider countermeasures to safeguard PHI, say digital security experts. Actions may include deployment of intrusion-prevention software or hyperlink analyzers. Additionally, in the event of a successful exploit, network management technology may help maintain perimeter controls and limit the operational impact.
Further, technology such as NetDirector’s HealthData Exchange, used by provider organizations and their informational trading partners, preserves data integrity from the top-down. The HealthData Exchange platform incorporates inherent security protection through HIPAA and SOC 2 certifications, thereby removing the provider’s data risk as part of the technology-integration solution on the front end.
For more information on HealthData Exchange, please contact us or request a free demo.
NetDirector is excited to officially reach a new milestone – 15 years serving as the most versatile cloud-based data integration provider on the market. NetDirector’s “birthday” is officially July 23, in case you were wondering!
As we continue to grow, we want to thank all of you – our clients, partners, and everyone that has made NetDirector successful over the years. We’re excited to keep this journey going, especially into new frontiers in Healthcare and the continued refinement of the Mortgage Banking integration environment that we grew up in.
Founded in 2003, NetDirector provides a Cloud-based data exchange service to improve business process efficiency and standards compliance. NetDirector creates value for organizations by providing speed in transaction processing, reducing partner collaboration costs and enabling greater responsiveness in serving customers.
Thanks again, and we look forward to serving you for many years to come!