Mortgage Servicer
Inaccurate information regarding properties under the mortgage servicer’s management was causing inspectors to visit the wrong properties, resulting in resource waste and regulatory violations.
A property validation solution that enabled accurate visual identification of managed properties, reducing errors, waste and resource risk even at considerable scale.
Significantly reduced property misidentification, resulting in lower operating costs, more efficient property management, and reduced audit risk
Fewer fines and violations for property management errors, even across tens of thousands of managed properties
Access to data-driven insights through customized data collection on each property
Improved security and maintenance for vacant properties at risk of vandalism and blight
When properties fall under the management of a mortgage servicer, that business is responsible for securing and maintaining the property. Failure to monitor and manage these properties can lead to material losses for which the servicer is responsible.
But managing these property portfolios can be time-consuming and complex, especially when a single servicer is responsible for hundreds, thousands or even tens of thousands of properties at any given time. To make matters more complicated, the legacy solution used to manage these assets industry-wide did not share vendor property photos with the servicer’s system of record. This resulted in inspections performed on the wrong property.
These accidental inspections waste the time of inspectors and create workflow delays in property management. They also constitute regulatory violations that can lead to fines and other penalties for mortgage servicers—consequences that could be easily avoided through visual validation of properties under management.
With its property validation functionality, Aspen Grove’s platform delivers a user-friendly solution to a complex and costly property management problem. Thanks to an interface built to sit over the top of the underlying legacy software, validation is made easier for the vendor by using photo identification to confirm that they are inspecting the correct property.
This photo is then attached to all vendor tasks, ensuring that inspectors and other personnel are able to visually validate each property before carrying out their assigned tasks.
Through this simple verification process, the risk of misidentifying a property is greatly reduced, resulting in more efficient property management and fewer associated errors.
The benefits of Aspen Grove’s solution are even more significant at scale, improving property management and identification even when servicers and properties are thousands of miles apart. Large servicers managing extensive, national portfolios can operate at scale with the same efficiency of a smaller, local operation.
Even when regulatory audits are conducted, the validation solution facilitates faster audits by quickly providing the accuracy of inspections and related property actions. And when inspections turn up blight and other issues, the mortgage servicer can quickly assign tasks to address these needs and preserve property values.
After launching the property validation functionality as a first-of-its-kind property management solution, Aspen Grove saw rapid adoption of its interface among many of the country’s top mortgage servicers. This user-friendly tool for visual validation delivered the following benefits to our clients:
