The
basis for Symphony’s
approach to REO legal process management lies in managing information
exchange between attorneys, REO departments, and brokers.
All three parties hold potentially critical information
to the property recovery process, but all too often this information
isn't available in an organized, easily distributable environment.
Attorneys don’t know
what the broker knows, brokers don’t know what the attorney knows,
and the REO department will hear one thing from the attorney and
another thing from the broker. Communication breakdowns like this
cost everyone time and money, and generate exposure to risk - unnecessary
losses that must ultimately absorbed by servicers, guarantors, and
insurers.
Symphony's patent-pending information management technology ensures
that the right information is received by the right party, right
when it’s
needed. Enabling intelligent information transfer is at the heart
of any best-practice approach to controlling risk – and
that’s why it’s at the heart of how Symphony™ works.
To this:
Most technology in the REO industry is compartmentalized: an attorney
portal is separated from a broker portal, which is in turn separated
from the servicer’s own back-end enterprise. Bridging the gaps
that exist between compartmentalized technologies is a time-consuming
and often difficult process, and can cause more problems than it solves.
Symphony is different: it provides n-tiered access to a wide variety
of involved stakeholders via a common, easy-to-use interface, using
a single layer of data integration and process orchestration. Everyone
is connected to the same layer, eliminating the need to bridge gaps
between users.