Servicing solutions need to catch up to the efficiency of lending tech

HousingWire sat down with a360inc Chief Executive Officer Scott Brinkley to discuss the default technology ecosystem and a360inc’s focus on automating and digitizing the default process.

HousingWire: From your vantage point, what do you see as the key synergy between the suite of a360inc brands?

Scott Brinkley: Since our launch in 2017, a360inc has remained strategically focused on the collapse and simplification of the default technology ecosystem that mortgage servicers and their vendors must operate within. MultiUse Platform Technology (MPT) allows business partners to operate – exchange data, documents and decisions – more quickly, cost-effectively, and with reduced risk and lower costs. All of our solutions are evolving in alignment with these strategic priorities.

HW: Understanding how they fit together today, what do they look like in the future?

SB: The convergence of law firm case management systems, mortgage company case management systems and the financial technology foundation that supports those players’ commercial relationships has been our key objective. We have recently launched our VIA initiative (Virtualization; Integration; Automation) which is essentially Vendorscape + iClear + CMAX + CaseAware. We believe VIA is the future.

HW: What is the biggest challenge facing the industry today that a360inc is poised to solve?

SB: The largest obstacle is the cost of ownership and efficacy of current technology tools in the marketplace. Current tech is either antiquated (built on legacy or dying technology platforms) or inadequate to address the ever-evolving needs of businesses serving the default marketplace.

HW: Technology clearly helps companies face these challenges, but there are a lot of ad hoc tech solutions out there. What is special about the a360inc approach?

SB: Modern and strategically relevant technology reduces cost of ownership, reduces cost on B2B integration and communication, and enhances virtualization (VDOs – Virtually Derived Outcomes). VIA strives to achieve the strategic objectives which will alter the cost of servicing for mortgage companies and the cost of ownership/delivery for their business partners – ultimately reducing the cost of default to the consumer. We view the era of fragmented and niche technology products to be coming to an end.

HW: As you look to the next generation of technology in the default space, what do you see?

SB: Hosted, virtual tech ecosystems where AI and reduced human interaction drive a more efficient and compliant default servicing process and outcome.

A360inc is focused on automating and digitizing the default process the way the origination side did prior to the 2008 financial crisis. What we discovered then was that default management was inherently a paper-ridden process in an otherwise automated industry. We’re simply completing the journey of evolving default servicing to be as tech-enabled as the front end of the business has been for decades.

HW: Your conference is coming up in March. What can attendees expect to be different this year?

SB: CONVIA attendees can expect the introduction of the platform that will deliver on the above discussed objectives in addition to a discussion that focuses on the needs and voice of our customers – which now includes vendors and servicers alike. VIA will shrink the servicing world and reduce the cost associated with servicing a defaulted loan – for the holder of the mortgage/note, as well as the service providers that support the process.

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