Mortgage servicing platform Sagent rolled out a dedicated portal for attorneys working on foreclosure proceedings and other legal cases revolving around borrower distress for the company’s business customers..
The technology firm added the attorney portal to its Dara default and loss mitigation tool, which will allow law firms and servicers to track foreclosure and default processes and documents in a shared technology space. The feature is expected to reduce costs and improve the customer experience.
“The Dara attorney portal’s intuitive interface and real-time data is a true game-changer for law firms because it was built with their feedback,” Sagent General Counsel Cynthia Treadwell said in a press release.
“We’re continually enhancing the platform as our default servicing law firm partners tell us what they need,” she added.
In addition to up-to-the-minute data that comes directly from the loan servicing system, the portal is designed to simplify document uploads and integrate quickly with other systems already in use.
“By providing attorneys with a centralized platform for case management, Dara delivers faster solutions for servicers, attorneys and homeowners,” said Perry Hilzendeger, Sagent’s executive vice president of strategic growth.
Sagent joins fellow servicing tech provider Intercontinental Exchange in creating a portal designed specifically for attorneys, with tool offered on the ICE platform for several years. Along with streamlining correspondence between parties and document collection, ICE Mortgage Technology’s portal integrates with the bankruptcy and foreclosure applications found on the platform, according to the company.
The new Sagent launch comes as various sources report a consistent rise in serious delinquencies — defined as past due by 90 days or more — in some lending segments. The uptick, combined with the recent expiration of a relief program offered by the Department of Veterans Affairs aimed at preventing property loss, lifted foreclosure inventory and sales higher in March compared to a year ago, ICE said.
Similarly, Auction.com reported the number of completed public sales of foreclosed properties growing by the fastest pace in almost two years in the first quarter. Activity is still running behind the pace of pre-pandemic early 2020, however.
The country’s leading mortgage servicer, Mr. Cooper, owns a 20% stake in Sagent and is currently actively involved in testing Dara’s functions as they are introduced. With the recent acquisition of Mr. Cooper by Rocket Cos., servicing for the latter business’ originations is expected to move to Sagent.
In their most recent earnings call, executives at Intercontinental Exchange noted, though, that Rocket is currently operating under a multiyear servicing contract with the company, and a complete transfer of loans to Sagent was still a ways off.
