The default segment of the mortgage banking industry encounters many defects, which give rise to title claims in the course of default resolution and the foreclosure process. TitleClaim provides a centralized platform to file, process, track, and report on claims. The system fulfills a great void in the industry as well as providing a method of tracking and grading the performance of underwriters and claims personnel handling these claims.
A large factor in the delay and dissatisfaction with how claims are handled today is the cumbersome manner in which communications are handled. A platform which facilitates communication between and among the claimant, the underwriter, the claims department and their respective counsel is needed along with a document management system to house the materials pertaining to the claim for all of these participants to view.
TitleClaim provides a data-driven workflow management and reporting metrics, which are of tremendous utility to all parties involved in a particular claim
Key features of the system are:
- Data warehouse. We are currently developing utilities for title insurance agents to securely transmit their origination title data and documents to our data warehouse.
- Secure web-based platform. All participants will log into the system via a username and password with access level dependent upon the matters in which they are a participant
- Paperless. The platform has an integrated document management system, which houses the working documents and materials pertaining to the claim.
- Data-driven workflow/timeline. The claims representative and/or local counsel is taken through their daily list of tasks on matters assigned to them. The timeline for handling is driven by projected timelines for completion of each step in the sequence.
- Communication. All participants in the claim may communicate with one another including the claimant, underwriter, local agent, claims representative and counsel for any of these parties. All communications pertaining to each claim are available to the participants who have an interest in that claim.
- Reporting/Dashboard. The system includes strong reporting capabilities to track performance across your whole population of claims. Performance based upon underwriter, agent, and other participants can be tracked and the results reported to gauge the relative level of performance of each such party.
- Integration. We can import your existing title policies from your existing document management systems as well as integrate the platform to your LOS, making the process seamless to your title curative representatives.
- Reduced timelines to resolution/recovery.