Jacksonville, Florida –– Fidelity National Default Solutions, a division of Fidelity
|October 24, 2005|
Fidelity National Default Solutions’ NewTrak™ Processes Over One Million Legal Transactions
National Financial, Inc. (NYSE:FNF) announced that its NewTrak™ process management solution has processed more than one million bankruptcy and foreclosure transactions since its inception 20 months ago. NewTrak’s rapid success stems from its ability to simplify workflow and process management, which results in reduced cycle-times and improved efficiencies for servicers and vendors alike.
According to Scott Barnes, Sr. Vice President of Operations for Fidelity National Foreclosure Solutions (FNFS), whose clients include two of the nation’s top six prime servicers and 10 of the top 20 non-prime servicers, “Since we’ve implemented NewTrak, our clients have reduced the number of days required to process foreclosure and bankruptcy motion for relief matters by an average of 22 and 6 days respectively, saving investors an average of $770 per foreclosed loan and $210 per non-performing bankruptcy.”
In addition to compressed cycle-times, NewTrak’s powerful workflow automation and a simplified user interface have also reduced training expenses and improved overall productivity for FNFS, it vendors and clients. According to Gregory Whitworth, President & COO of FNFS, the real-world impact has been significant. “We have been scoring vendor compliance and efficiency for many years and the improvement since the inception of NewTrak has been spectacular,” Whitworth stated. “Prior to NewTrak, our vendors completed an average of 55% of their events or ‘steps’ in legacy Internet systems. As a result, our staff was required to email, phone or fax repetitively for file statuses—even though we used an online Internet portal that allowed vendors to provide updates directly; this was an extremely inefficient exercise for FNFS employees and vendors alike. Now that we are on NewTrak, the same vendors routinely complete more than 99% of their assigned steps without employee intervention—completely eliminating this work for our staff. This improvement has significantly lowered our per-file cost of service and provided tremendous scale in an otherwise manual environment,” Whitworth concluded.
Another NewTrak success story has been the introduction of its Fees & Cost module, which uses business intelligence and performance scoring to return vendor fee and cost estimates to Loss Mitigation Specialists in minutes—not days. According to Scott Barnes, “Our clients now request fees and costs in NewTrak and the system does the rest. The Loss Mitigation Specialist doesn’t even have to know what vendors have provided services on the loan. The vendors are now turning these requests in 90 minutes on average and trailing expenses in a payoff or reinstatement have been completely eliminated.”
“We believe a timely response to borrower fee and cost requests is good business,” Whitworth stated. “It reduces borrower frustration and increases the likelihood of mitigating the non-performing loan In fact, our analytics indicate that our graduated fee schedule, in concert with our compressed quote turn-times, have reduced reinstatement and payoff fees by 20% or $240 per reinstatement—which helps borrowers stay in their homes.”
Thus far, NewTrak has proven to be ideal for default processing, providing exceptional flexibility that enables servicers and vendors to collectively improve upon the delivery of work product. Unlike its closest competitors, however, NewTrak is not a “hard-coded” default management tool.
Source: Fidelity National Financial, Inc.