Black Knight V3 Update 1

Black Knight V3What does my firm need to know?

  • What is different from how I receive/send information now?
    1. Referrals
    2. Standard Events
    3. Async Responses
    4. The July 12th release includes SSN functionality and Bankruptcy information as previously in Version 2
  • Is there a reason I should make the transition?
    1. New Enhancements will only be offered in V3
    2. Black Knight is covering the implementation cost until December 31st, 2015
  • Deadline for Black Knight to cover the V3 implementation is December 31st, 2015
  • What is the process to make the transition?
    1. Contact your NetDirector Integration Analyst to get the specifics on the items that have changed given your current portfolio of transactions with Black Knight.
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NetDirector Integrates with REALRemit®

REALRemit Invocing and Payment System by AltisourceNetDirector now integrates with REALRemit®, Ocwen’s invoicing system for default servicing firms. If you are still manually submitting vendor invoices, stop what you are doing and call NetDirector now. Here at NetDirector, we can provide an interface where your firm can automate the submission of an invoice quickly and easily.

NetDirector’s connection with REALRemit® brings great value to our clients in terms of cash flow management and visibility, reduces costs and virtually eliminates the time spent by dedicated resources manually submitting invoices.

Functionality

ERecording is now Supported by More than Half of the Country’s County Recorders

eRecordingOver the past several years, 68% of the nation’s recording jurisdictions have enabled eRecording to improve their workflows, which allows for a more efficient processes and reduces the time it takes to process mortgage banking documents.

Adoption of eRecording has been better than some perceive and is expected to see even more adoption now that the Consumer Financial Protection Bureau is pushing e-closings in response to the pending new disclosure regulations. ERecording helps ensure documents are recorded efficiently and without delay, which also helps local title companies address ALTA’s best practice guidelines that call for timely recording of documents and tracking document rejections and re-submissions.

So what does this mean for you?

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NetExtract for Bank of America MFR Referrals Now Available

NetDirector NetExtracttNetDirector’s NetExtract Service with OCR technology has been leading the way in legal extraction for the Default Servicing industry. Now clients can utilize the NetExtract service to download MFR Referrals from Bank of America, extract the data fields from the document and then import them into their CMS, thanks in part to our current client, Rubin Lublin, for suggesting this enhanced service offering. Their help throughout the developmental and testing period was instrumental in getting this new service up and running for all current and future clients.

Stop sending foreclosure and bankruptcy files via email, fax, and mail. NetExtract saves you, default servicing attorneys, time and money by reducing labor intensive document to text conversions and data entry errors. NetExtract processes incoming images and documents to extract data from and transfer into your database/CMS with the highest level of accuracy available. Continue reading

4 Tips for Improving your BKFS/LPS Desktop APR Score

The BKFS/LPS Desktop (“BKFS/LPS”) APR scorecard is the benchmark for which BKFS/LPS ranks your firm against others in your state. We have put together some simple Blog_BKFS_LPSVCStips to help improve this score. Each state has their own weighting concerning the value of each step; however most states percentages are close to those given in the tips below. I invite you to add your favorite tips in the comment section.

Top APR Improvement tips:

  1. Referred to Received. This is calculated from the minute the servicer fills out the File Referred to Attorney event of BKFS/LPS and stops when the File Received by Attorney event is filled out. It is calculated from 8am – 5pm CST Monday – Friday excluding the 10 Federal holidays. The faster you can send back the event the lower this time will be and the better your APR score will be. However, this event only counts for approximately 2% of your overall APR score so in the big picture it is relatively unimportant. Any automation that can be done based of the file referred action can not only improve your APR score, but also allow your firms labor to focus on other manual processes required to complete larger weighted portions.Continue reading