Simplor technology allows borrowers, title agents, real estate agents, attorneys, servicers, investors, and regulators to work together via a single platform in order to coordinate activities related to defaulted mortgage loans assuring new regulations are met within the mortgage industry.
Scott Coloney, President and CEO of Foreclosure Response Team and Software Developer of Simplor technology recently stated that Simplor has been in development and testing for over 3 and a half years. The Company has had the assistance of Default Servicing Solutions, Stewart Default Services, select Exit, Re/Max and Keller Williams Brokerages, as well as select local title agents and law firms across the Country. With the release of Simplor version 7.0, our proprietary default technology now gives surety that the nation’s largest investors and servicers maintain compliance with newly established U.S. Treasury regulations, while simultaneously delivering a streamlined solution for borrowers, real estate agents, title agents, attorneys, and others involved in mortgage servicing. Mortgage investors and servicers are provided a processing work station, real-time reports and easy access to loan level default management processes.
With the recent Treasury Department mandates, mortgage servicers are now required to provide a Single Point of Contact (SPOC) for borrowers who need help understanding the loss mitigation options available to them. In addition to providing a SPOC for borrowers throughout the default process, Simplor provides SPOC access, when applicable to their real estate agent, title agent and attorney as well. Coloney labeled the invention SPOC Exponential and further stated “We started developing our complex copy written technology around a single point of contact for short sales almost four years ago. A short sale is hands down the most complex default transaction, so when default, loan modification and deed in lieu were added 3 years later in version 7.0, Simplor already had the complex foundation. The hard part had been completed in versions 1.0 - 6.0. Foreclosure Response Team is established and more than prepared to support the implementation process with mortgage servicers.”
Mortgage servicers are also now required to maintain detailed records and audit trails of their interactions with borrowers. Coloney says Simplor more than meets both SPOC and Audit directives in a SAS 70 secure environment. The company’s Simplor technology automates and tracks default processes from the immediate time of default, throughout modification, short sale, deed in lieu, and foreclosure providing an electronic paper trail that is auditable for regulators and auditors. With this application, workflows and user interactions happen in one secure platform. “Simplor version 1.0 was invented to revolutionize the foreclosure process by simplifying and organizing default transaction management online.” said Scott Coloney, President and CEO of the Company.
In addition to its SPOC Exponential features, Simplor generates automated email notifications delivered instantly to all relevant parties, provides proper users with secure access to required forms and documents online, scores individual users for performance/
Foreclosure Response Team headquarters are located at 119 North West Second Avenue, Fort Lauderdale, Florida 33311. For more information call Howard Ferrer at 954-760-4888 ext. 306 or visit www.ForeclosureResponseTeam.com or www.Simplor.com.
About Foreclosure Response Team
Founded by Sandra Altman in early 2008, the Foreclosure Response Team is a woman owned business, currently made up of a coalition of veteran professionals in the areas of loss mitigation, mortgage default, foreclosure claims, real estate sales, title, escrow, real estate law and technology. Response Team serves as an invaluable third-party resource and provides a national clearinghouse for borrowers, real estate agents, title agents, attorneys and mortgage servicers. The firm currently has a presence across the country that includes Florida, Michigan, Virginia, Maryland, Washington DC, California, Washington, Nevada, Arizona, Colorado, Texas, Ohio, Georgia, Alabama, New York, and New Jersey, areas. Scott Coloney, President and CEO of Foreclosure Response Team and Software Developer of Simplor Technology founded Orbitz.com in 1999. He shortly after negotiated the sale to The One World Alliance, an international airline conglomerate in 2000. Mr. Coloney has been featured in many prominent local and national news outlets regarding foreclosure alternatives and technology. He continues to be called upon by the media and the real estate-mortgage industries for authoritative commentary.