Is Scalable Loan Risk Assessment from VENDOR Right for You?
If your business depends on access to accurate title evidence and search reports, you know how time consuming producing those reports can be. And, often it needs to be done by your most expensive staff members. That’s what was happening to CLIENT, a wholesale purchaser of non-performing loans. When CLIENT and VENDOR got together, CLIENT found the solution they’d been looking for.
Loan Purchasing is a Competitive Market
Lenders often face the problem of non-performing loans languishing on their balance sheets. This problem has been growing since the real estate bubble burst in 2008. As a result, the number of loan purchase transactions is growing. Over the last decade, these transactions added up to billions of dollars.
Companies like CLIENT buy the non-performing loans, giving relief to the lender. And, since this is such a big problem for lenders, there are many companies competing for the opportunity to acquire the debt. CLIENT buys these loans in bulk. Their attorneys were spending immense amounts of time pulling reports rather than taking on value-added projects. CLIENT needed a much more streamlined way to analyze a block of loans to identify the level of risk they might acquire.
CLIENT Had a Volume Problem
CLIENT buys assets such as bankruptcies, overdue credit card debt, and lapsed consumer loans in bulk. They purchase these assets at a fraction of their value, which benefits the lenders. But, each asset represents its own level of risk. Their due diligence requirements mandate that they acquire and review large amounts of title evidence data to evaluate every asset in every proposed bulk purchase.
The process was an operational nightmare. However, it was necessary so that CLIENT could avoid jeopardizing its Receivables Management Association International (RMAI) certification. They also needed to avoid purchasing loans outside of their acceptable risk profile. CLIENT decided to use an outside source for expedited title evidence and search reports.
VENDOR Had the Answer
VENDOR had just the solution CLIENT needed. VENDOR generates robust examined and non-examined title reports filled with actionable data, including current and former titleholders and encumbrances. Their specialists employ state-specific expertise combined with established best practice product standards for all property and title reports.
VENDOR has the industry’s largest network of title plants, tax data, recorded documents and land record images. By utilizing VENDOR’s title evidence and report solutions, CLIENT is gaining operational efficiencies, risk and compliance management, and scalability. It allows them to focus on making informed loan purchase decisions.
On every trade, VENDOR services are a reliable portion of our due diligence. They understand our sense of urgency. If we need a product and they know we need it as fast as we can get it, they will work as hard as they can to deliver that to us. It saves us a lot of work. I don’t know how proficient we would be from county to county and ordering all the reports [without VENDOR]. It’s just a great solution for us.
– Client Employee, Asset Management, CLIENT, L.L.C.
The VENDOR title evidence and search solutions collect data from nationwide title plants, a vast number of public data sources, and an immense abstractor network. Once the integration was complete, CLIENT saved time and money. They also streamlined their operations, leaving time for key employees to focus on mission-critical tasks.
To make the system as efficient as possible, VENDOR integrated their product with the title production platform at CLIENT. There is no need for manual rekeying, and quality control is improved.
By utilizing VENDOR title production services, CLIENT’ attorneys concentrate their oversight on analyzing the compiled title reports in its production system, including:
- Current owner
- Two owner
- Full search
- Update/date downs
- Extended updates
[VENDOR] is a resource for us to collect information quickly and accurately and deploy anywhere. We may buy one at a time or we may buy 500 at a time. For us, VENDOR is a scalable solution. They make it easy for us to scale up and scale down as needed for each loan purchase.
– Client Employee, Asset Management, CLIENT, L.L.C.
Do You Think Scalable Loan Risk Assessment from VENDOR is Right for Your Company?
CLIENT has an ongoing partnership with VENDOR because of their suite of title solutions and exceptional customer service. Like CLIENT, all of VENDOR’s clients see improved market analysis capabilities and streamlined workflow. If your business includes making property valuations and lending decisions, you could have the same experience that CLIENT has had.
For more information about VENDOR’s title production services, data integrity, and 24/7/365 reliability contact us at customersuccess@VENDORtitle.com or call us at 800-555-1234.
