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» VISIT US ONLINE @ DSNEWS.COM COVER STORY Aspen Grove Solutions' Ryan concedes that the many new rules and regulations may translate to higher costs and slower processes—the result of myriad additional steps and necessary tracking. Therefore, he says, it is imperative to employ technology that can rapidly adapt to change while simultaneously ensuring operational capability is maintained. "You have to build the car as you drive it, so you have to choose a technology partner and platform that can successfully accomplish this," Ryan said. With the breakneck pace of regulatory change in the mortgage space, all core applications must be adaptable, Ryan notes. He contends only those who deliver targeted solutions using agile methodologies will survive in today's marketplace. "However, the enemy of agile is risk," according to Ryan, "and given that the mortgage industry is, and must be, risk averse, new thinking must be brought to the fore in developing solutions in order to mitigate that risk." Ryan says integrators and solution providers can achieve both agility and risk aversion with automated testing on a continuous basis, programmed deployments to reduce human error, BEST PRACTICES The modernization of compliance via today's technological tools makes keeping up with compliance a little easier by integrating with strategies already in place and plugging gaps in protocol with standardized procedures. and the ability to build multiple technologies on-thego and simultaneously. "These are not insignificant challenges and require investment," Ryan noted. "For example, automated testing means regression test scripts must be kept up-to-date, but investment in automated testing can pay huge dividends while also significantly reducing risk." Businesses that engage with agile technology partners will maintain a distinct competitive advantage as they are ideally positioned to deal with compliance, he adds. So the question you must be prepared to answer is: How does your technology deal with constant change while also mitigating risk? REGIONAL SPOTLIGHT Equifax also developed a recovery model based on the borrower's employment status, finding those who reported they were employed had a higher recovery propensity, including a higher percentage of dollars collected. With this innovation, mortgage professionals may be more likely to fulfill the debt, and by adding other technologies that provide increased efficiency, improved borrower communication, and reduced risk, it's clear that companies have technology in their corner to stay compliant with the growing assortment of new regulations. POINT— COUNTERPOINT The Federal Trade Commission has its own set of rules and regulations to follow, making sure those looking to fulfill a debt, such as Tech for Today's Challenges THE BIG PICTURE Collecting Debt mortgage servicers acting as debt collectors, follow a procedure in their debt collection practices. Such procedures deter unfair or abusive measures, such as calling borrowers repeatedly or during unreasonable hours or disclosing their affairs to third parties. While these regulations have been in place for decades, in recent years, unfair collection practices resulted in lawsuits and settlements after servicers made false representations about loan accounts. These regulations require strict vigilance and, paired with determining a borrower's capacity, can make collecting outstanding debt a challenge. To that end, the Equifax Decision 360 platform developed the tools for a cost-effective collection strategy. The system helps locate debtors while managing the complete database of collections. Accounts can be divided by capacity and propensity using information provided by employers, as well as credit data and recovery scores. Equifax Decision 360 also improved recovery rates by identifying identities and locating hard-to-find debtors with the freshest contact information. INDUSTRY INSIGHTS Properties. "As a result, mortgage servicers can respond more quickly to address property issues, reducing potential violations and fines, and preserving the value and condition of real estate assets and the communities in which they are located." Mortgage Contracting Services (MCS) developed its own technology to ensure a neighborhood is marketable by stabilizing the value of its properties. The MCS Mobility app allows users to upload photos directly to MCS360 from their mobile devices, which allows MCS to receive real-time reviews of photos to determine the appropriate next steps quickly. "If there was a question about a work order or if additional photos were needed, it could be a day or two days later and we had to send the vendor back out to the site," said Chad Mosley, MCS' SVP of business development. "Now, the review process can be done in real time and corrections can be made while the vendor is still at the property." RepairBASE by Bluebook serves to simplify property preservation through a user-friendly, intuitive Web-based interface. The software provides a property's "cost to repair and maintain" data based on a national database focused by ZIP code. Designed to increase the accuracy of inspections and produce spot-on estimates and reports it enables vendors to submit a report, after which the in-house quality control personnel can compare the price against Bluebook's data. Specific costs for services such as winterization, lawn maintenance, and re-keys are provided. In the realm of field services, the system delivers detailed lists of repairs to clients based on the national data of standardized labor and material costs. The "cost to repair" solution is compliant with HUD guidelines, meeting the standard of a commercially available online platform for local cost estimates. And, of course, lenders, investors, agents, and appraisers can turn to the software to produce standardized estimated repair costs. 49

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