DRI Office was built with a vision to automate what is manual. After 27 years in the default industry we know that there will always be new challenges. From the changing landscape of the real-estate market to the ever increasing influence of regulatory compliance there will always be something else to automate.

Therefore DRI is built out of the box with 27 years of default experience, automation included. More importantly we have an architecture that will allow us to rapidly adapt to the changes that we don’t even know about yet. That’s right DRI Office can help you be ready for the regulations the Consumer Financial Protection Bureau (CFPB) hasn’t thought of yet.

DRI Office tools allow us to rapidly respond to changing business needs

Workflow is the first piece to automate manual. DRI Office comes loaded with tasking against standards and reporting to know if your people are on task. In addition DRI Office can grow to your needs with configuration and customization options.

Workflow becomes smart with rules.  Be it a decision based on investor criteria, or an order based on a critical milestone approaching or passing, rules put business intelligence into our software features.

Workflow and Rules are the basis for Service Ordering via the DRI Office Service Ordering Platform (SOP).  At the appropriate time in any process a service can be ordered by the system.  This means that users are dealing with the data results and are not tied up in a process of ordering and downloading of information.  This makes every user more efficient.

Beyond ordering the Service Ordering Platform reduces business costs by ensuring that non-required orders are cancelled before costs are incurred.  For instance with a Foreclosure Sale the system will cancel all pending property inspections.  Imagine no longer having non-reimbursable service expenses because your software canceled the order.

Services produce documents.  With DRI Office Document handling the tracking of documents and storage are a part of the system.  Combined with Workflow and Rules documents can be tacked at the loan or borrower level, or be a part of an approval chain to ensure accurate delivery.

Documents are the communication from our vendors.  To complete that relationship we need to be able to review and approve invoice and manage vendor performance.  Both of these aspects are included in DRI Office and integrated with system workflow.

Automate Manual is one of the DRI Office principles that generate business benefits.  The system can lower labor costs by ensuring efficient work and more loans per FTE.  Beyond tasking those employees DRI Office offers management extensive reporting capability to view progress and support teams.  Finally historical data can support audit requirements and make compliance effortless no matter how many years after the file was worked that the questions are asked.

How do you know what your staff is doing?  Can you prove it when the auditors ask?  Three years after it happened?

Auditable proof of what work was done, by whom, and when.

Effortless compliance starts by ensuring people are doing what they should.  You need to know what activities were done, who did them, when they were complete, and whether that task completion was on time.  Tasking also needs to be dynamic so we can ensure we aren’t just recording steps that could have happened we are recording the actual work that was done.  Those standard must be industry supported with process such as Foreclosure and Bankruptcy.  Furthermore some standards may need to be fluid based on the investor to whom the serviced loan belongs.  This is all a part of DRI Office and all a part of effortless compliance.

However those standards are most powerful when they can be reported on.  Portfolio performance reports and user score cards are a part of the out-of-the-box DRI Office solution.

Dynamically view where users are with their assigned tasks

With DRI Office you can see that keeping people on task and your business compliant is at the core of our offering.  However compliance isn’t just about doing the right thing today.  Compliance requires us to be able to return years later to show the work we did and prove the actions were appropriate.  In many systems data is overwritten when something occurs twice.  Therefore if you have loans that went through Loss Mitigation twice, a Foreclosure, two Bankruptcies and an Reo it’s nearly impossible to show compliance years after.  Not with DRI Office.  DRI Office is the repository of default data.  We don’t overwrite we keep copious copies and audit trails. That way your default system manages your operations today and your audits in the future.

Scorecards on everything.  The process behind complete accountability.

DRI Office stores data.  Data is power and for our score cards it means the power to investigate and grow.  Data powers investigation when we search the auditable history, auditable notes  or auditable follow-up logs that are centralized with a loan.  Data powers growth when we mentor and challenge our teams with the power to account for their performance and success.

DRI Office tracks user tasks and compares them to a standard timeline as an inherent part of the system.  This concept is applied against all users be they Employees, Vendors or Outsourcers.  Reports are delivered with the system allow appropriate users to start at a high summary level of detail and drill-down into more system detail.  This will allow us to see all tasks and where we are at compared to standards.  From a process level such as Loss Mitigation, Foreclosure, Bankruptcy or Reo or from an people point of view with score cards DRI Office reporting ensures accountability.

Now you have the tools to identify high level performers and reward them.

Now you have the tools to identify low level performers and mentor them.

Now you have the tools to identify bottlenecks.

Now you have the tools to track loans through all processes.

Now you have DRI Office.

DRI Office connects your external vendors with your internal people and process

To enable total coordination you have to employ an ecosystem to build default technology on.  DRI Office has this ecosystem ready with modules to manage late stage collection requirements through Reo and all the subsidiary processes like litigation.  With all these pieces ready to bring to bare DRI Office can enable straight through processing and total coordination.

What about situations though where you already have some great default processes in place?  DRI Office is still ready to be the default ecosystem coordinating all of default’s efforts including those in your existing systems.  Leveraging our Service Ordering Platform we can integrate with external vendors or use that same, built, infrastructure to integrate your existing systems.

This ecosystem approach delivers power.  First the power for real time intervention of one workflow over another.  No longer do we have to worry about Foreclosure proceeding to sale with an active Bankruptcy.  In DRI Office when the Bankruptcy is detected the Foreclosure workflow is automatically put on hold and the specialist notified.  Likewise if the Bankruptcy were to dismiss the Foreclosure specialist would be notified and the system would take the Foreclosure off hold.

Worried about dual track foreclosures (running a modification or workout action in parallel with a Foreclosure)?  It’s not a problem in DRI Office where we can stop this condition via workflow and rules.  Worried about what you’ll do when the business climate changes and we re-look at running modifications and foreclosures as a reasonable option?  Not a problem in DRI Office where this type of functionality is configurable.  Total Coordination is only possible if your system can change to business needs.  Total Coordination doesn’t come from limiting business because your software technology can’t respond.

DRI Office even includes modules that are designed for you to build your own processes in the system.  This allows for virtually endless possibilities to how DRI Office can be extended in your default operation.

One traditional challenge in default technology is how to respond to changes.  Vendors of default products often times take the approach that we can all agree on exactly what needs to be done inside of Loss Mitigation, Foreclosure, Bankruptcy and Reo.  The reality is we don’t all agree on every step that is a part of “default”.  Furthermore with differing business models how we process modifications for a portfolio of Non Performing Loans shouldn’t be the same as how we process modifications at the largest institutions for the average delinquency.  Enter the need for configurability.

Your investors are different than your competitions investors.  You may have requirements to do they don’t; or you may need to be more streamlined skipping steps the “typical investor” would require.  Your job is to make business happen via your investors.  How can you do that if your software platform can be customized to those needs?

DRI Office is built with two key approaches

1. Configuration – the regular technical-administrative functions for updating drop down lists, timelines, users & security and reporting
2. Customization – the extension of DRI Office model workflow and rules into a specific set conforming to your institutions specific needs.

To acheive these goals DRI Office starts by delivering the model company.  We don’t want to just be a toolbox where you have to build everything to get started.  We want to shorten the implementation timeline.  Therefore we take our years of experience and deliver a full set of workflow and rules that would allow you to manage defaults from day one with no changes.  Then as the system provides instant efficiency to your default process we can begin working with our adaptive workflows to make changes that meet your specific needs.

DRI Office will provide you the canned reports we see a need for.  More importantly we provide you ultimate system flexibility by providing an open database and set of reporting tools for you to customize our reports or build your own.

DRI Office’s open database allows you to add custom tables or fields to the solution.  We even include simple screen generators so you can build custom fields and the forms to fill them with ease.  Then as your needs grow you can leverage our Xaml based presentation layer to deliver more sophisticated and customized user interface components.

DRI Office will get you going by providing the model company to shorten implementation and meet your needs with minimum effort.  DRI Office will keep you going by providing tools to grow and change that are geared at allowing in-house staff to make changes if desired.

Straight Through Processing enabled by DRI Office

Straight through processing is powered by DRI Office.

DRI Office starts with Advanced Collections and caries through all default processes until the property is liquidated and dollars are recovered. You can have one single electronic record: Advanced-Collections, Pre-Foreclosure, Decision Analysis, Loss Mitigation, Foreclosure, Reo, Litigation, Claims & Investor Billing and Administration track all employees and vendors, enforce timelines, and scorecard/report all activity.

The Service Ordering Platform is part of our next genreation default management system called DRI Office.  Our goal in building the new system was to take the expansive system that interacts from Decision Analysis through Reo and connect those internal servicing employees with the myriad of external vendors they work with.  No longer should staff be logging onto websites for orders, logging on again to get answers, and then hand-keying that information into their default systems.  As the article states “Why pick up the phone to order title, credit, the appraisal, etc., when you can put in an electronic order for all those services and more on a centralized system”.  With the DRI Office Service Ordering platform the order, receipt, database updates, workflow/rule integration and invoicing are automated.  By the time an employee is dealing with the data they have skipped all the five-finger-automation they were working with before.  Resulting in putting key staff back into key parts of the operation to improve efficiency instead of tying them up with uploads and downloads.

Did we forget to also mention that one of our favorite partners, Wingspan Portfolio Advisers, are featured in the article with comments by CEO Steven Horne?

Take a look at the article and don’t forget to sign-up and receive your PROGRESS in Lending Association e-letter.

Read the entire article courtesty of MortgageSpeak.com.

Read the entire article from DSNews.com.