TAMPA, Fla., Feb. 6, 2018 /PRNewswire/ — NetDirector, a cloud-based data exchange and integration platform, has introduced for users a new group of transactions that integrate with LoanSphere Bankruptcy and LoanSphere Foreclosure technology solutions from Black Knight, Inc., a leading provider of integrated software, data and analytics to the mortgage and real estate industries. The latest available transactions will help users reduce the time they spend on manual searches, as well as streamline the overall workload of default servicing firms.
The primary function of the new transactions is Referral Status Change Updates. The status change update for referrals has previously been available in the NetDirector integration suite, however, this new functionality adds status change updates for issues, holds and reprojections. With this new external workflow, firms can be notified automatically when issues arise on referrals from the servicer, or when a referral is placed on hold (or taken off hold) by the servicer. Additionally, reprojections for files can be automatically updated.
This new capability completes an extensive suite of offerings specifically for Black Knight’s LoanSphere Data Integration Services (DIS) version 3 users. DIS is a web-based integration tool that enables third-party applications and case management systems to interface directly with Black Knight’s default technologies, including LoanSphere Bankruptcy and LoanSphere Foreclosure. Firms will experience a less labor-intensive process and far fewer manual searches to understand the status of important files throughout the default life cycle. As the conditions of the foreclosure market continue to dictate a higher degree of efficiency among firms, it is more critical than ever to utilize technology to automate certain manual processes so employees can be utilized at their full potential for more complex tasks.
“Firms taking advantage of this new functionality can be made aware automatically when an issue or hold is rejected, or a reprojection is denied,” said Darren Meiggs, VP of Operations at NetDirector. “This allows them to focus on the files that need their timeliest attention, without the labor-intensive process of manually identifying these files.”
Firms utilizing the Referral Status Change Updates can also be made aware automatically when a file is closed by the servicer and is ready to begin the billing process. This helps firms improve the efficiency and accuracy of their billing process, ensuring that they receive payment as quickly as possible.
Other transactions that NetDirector has recently made available for Black Knight’s default applications include Attorney Workload Request/Response, Referral Request/Response, Document Requests, Reflag Referral Requests,