Default Management Software helps overburdened loan servicers.
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Press Release Summary:
Targeting mortgage industry, Rincon(TM) Software includes Loss Mitigation, Bankruptcy, Foreclosure, and REO modules. Web-based design embeds letters, forms, and other essential workflow items into automated environments of each module, along with pre-authorized lender and investor parameters and workout modeling. All essential third-party services are available with DRI-sponsored vendor network and can be ordered as needed or automatically by rules engine.
Original Press Release:
DRI Management Systems Launches New Mortgage Default Management Platform
DRI's Rincon(TM) web-based technology brings new speed, sophistication and results for overburdened loan servicers tackling defaults, foreclosures, bankruptcy and REOs
NEWPORT BEACH, Calif., -- DRI Management Systems, Inc., the leader in default process management software, announces its new web-based loan servicing application for the mortgage industry, Rincon(TM). The Rincon platform sets new standards for performance in default management software, a technology segment virtually created in 1985 by DRI and its CEO, Duke Olrich, during the savings and loan crisis. Back in those pre-Internet days, the levels of functionality now available in Rincon could only be imagined. The same could be said in today's financial crisis, in which overburdened servicers struggle to keep pace with huge demands for borrower assistance. Rincon is specifically designed to help relieve the most nagging and expensive of these problems, doubling or tripling the workload each servicing specialist can handle.
Rincon (named by surfing enthusiast Duke Olrich for a legendary California wave spot) includes four modules in its initial release:
-- Loss Mitigation
-- Bankruptcy
-- Foreclosure
-- REO
Building on over 25 years of hard-won practical experience with DRI's default management software, the new platform zeroes in on servicers' most critical issues. First, the .Net browser-based platform is designed for accelerated deployment and easy implementation. Secondly, the designers were sensitive to servicer input and built the system with very robust workflow processes, supported by user-defined and automated business rules. This specification was especially important, as servicers desired to enable each borrower-facing associate to manage significantly more cases than they are currently able to handle without the technology.
The web-based design embeds letters, forms and other essential workflow items into the automated environments of each specialized module, along with pre-authorized lender and investor parameters and workout modeling. All essential third-party services are available with a DRI-sponsored vendor network and can be ordered either as needed or automatically by the rules engine. Examples of these required services include inspections, broker price opinions, appraisals, credit reports, title reports, skip tracing, flood certifications and bankruptcy and foreclosure attorney referrals. With DRI's automation, modifications and other types of workout arrangements can be effected on a single phone call with many borrowers.
"The goal," says DRI Management Systems CEO Duke Olrich, "is to empower and enable one person to do the work of two or even three, using automation designed to work seamlessly with existing servicing systems." Default management technology has never been more important than now, Olrich feels, based on more than two decades of building solutions to make servicers more effective. "This mortgage crisis makes all previous ones pale by comparison," he says. "Without well-designed and well-executed technology assistance, lenders and servicers are at a great disadvantage in dealing with this volume of defaults."
Steven Horne, CEO of Wingspan Portfolio Advisors, a Dallas-based specialty servicer, agrees. "We are in the business of finding ways to save loans from foreclosure. Without DRI's technology, our success rate would not approach the levels we are currently seeing," he says. "We are now deploying Rincon's stratospheric new capabilities and are already seeing the tremendous impact it can make in managing defaulting loans more effectively," Horne notes. "Not only does the technology aid us in handling cases more swiftly and efficiently, it ultimately is helping us keep more families in their homes."
Convenient online demonstrations of Rincon are being offered by calling DRI for an appointment or by arrangement on the company's website, www.DRIDefault.com.
About DRI Management Systems
Based in Newport Beach, California, DRI Default Management Services is The Default Solution, offering a suite of integrated default management software that can be used individually or in unison, and which can be interfaced with any other servicing or accounting system. DRI's flagship technology, Rincon, enables companies to minimize their number of defaulted loans and expertly manage and automate their servicing of defaulted loans, including prime and non-prime mortgages as well as secured and unsecured consumer loans. DRI's Rincon platform features a complete array of default management software modules, including: loss mitigation, pre-foreclosure foreclosure, bankruptcy, REO, litigation, property preservation, administration, and claims and auto/consumer loans. Clients include two of the nation's top five servicers. For more information, please visit www.DRIdefault.com.
