DRI Default-Servicing Software Adds Four New Models

DRI Management Systems, Newport Beach, California, has announced the addition of four new modules to its flagship software, The Default Solution.

In addition to its existing suite of six modules, The Default Solution will now feature additional software modules for litigation, property preservation, pre-foreclosure and administration, expanding The Default Solution's capacities and enabling users to service defaulted loans in more stages than ever, said Duke Olrich, DRI's founder and chief executive officer.

"To date, it was hard for servicers to monitor litigation cases, help preserve the borrower's property and manage the pre-foreclosure process," said Olrich. "These four new modules are changing all of that by providing servicers the tools they need to effectively streamline and automate every step of the default-management process."

The new litigation module is designed to make tracking and monitoring litigation cases in the servicing arena simple and easy. It does so by creating unique templates for each litigation case type to manage an unlimited number of cases, and users can assign multiple processors on the same loan.

Servicers using the technology can employ the property preservation module to manage undertakings throughout the preservation process, and by utilizing The Default Solution's electronic transaction capability can also order inspections, receive results, approve work and pay outside vendors -- all without paper, according to DRI.

For loans in pre-foreclosure status, the pre-foreclosure module not only analyzes but also forwards loans meeting user-specified criteria to the foreclosure and loss-mitigation departments, and assigns processors and attorneys according to guidelines. Because the system is only for loans in pre-foreclosure status, cured loans drop out of the queue daily.

DRI said it also created a highly flexible "catch-all" unit for the miscellaneous processes and functions in the default arena, such as quality control, lien analysis, charge-off, profit-and-loss, and loss analysis.

The Default Solution is offered as a suite of default-management software solutions that enables loan servicers to efficiently and expertly manage and automate the handling of defaulted loans.

The technology integrates seamlessly to a servicer's core servicing system, enhancing it with easy-to-use tools to proactively address the complex changes presented by defaulted loans. Each module can be deployed independently to achieve a particular goal, or several modules can be deployed in unison for a complete default-management solution.

The new modules will be available by early second quarter 2007, said DRI.