Cloud-Claims

Cloud-Claims is a thin-client based, service bureau neutral application that captures data from any mortgage servicing system and feeds a relational database that automates the claims preparation process.

The claim's preparation process is a challenging in its own right because it usually involves the collection ad processing of data from a process that can take as long as 24 months. In that time crucial data my be difficult to locate and is often inaccurate. So to bring process automation to this area of servicing is a challenge that has faced the developers of the Cloud-Claims application.

The Cloud-Claims application had to face the challenge of taking a tremendous amount of data, reconcile it and then populate industry standard Claims forms and then check it to ensure that it is acceptable for filing with Insurers and Investors. In order to help alleviate this problem the comprehensive rules engine identifies missing data and routes to the appropriate resource to correct it utilizing work queues and load leveling logic.

Provides process automation to the Claims preparation, filing and reconciliation process.

  • Data is extracted from the service bureau system and stored in a relational Database.
  • This data is then used to build and calculate the claim via a browser based, thin client application that is deployable through a standard web browser.
  • The claim is checked for accuracy against an integrated set of rules and is then produced for submission.
  • Automatically utilizes data acquired from the servicer to populate a claim.
  • Provides process automation, queuing & loss analysis.
  • Calculates and reconciles each individual claim.
  • Missing or non-compliant information is flagged for correction.

A critical step in claims processing is to send the completed and verified claim form to the Investors and MI Companies. CloudClaims sends all claim form electronicly to HUD, Investors and MI Companies.

Products

Cloud-Claims

Mortgage Claims are filed to recover the costs associated with the default and foreclosure processes for nonperforming mortgages. Claims must be filed within specific time constraints or the Servicer faces penalties or denial of the Claim. Incorrect or missing information on a claim form can also result in the assessment of penalties or curtailments of interest due on expenses and loan principle balances.

Cloud-Claims leverages the information in the host servicing system to insure that the claim is complete and filed within the specified timeframe. Accurate and timely filings reduces the potential for penalties and curtailments, and Cloud-Claims' comprehensive checks for required information and regulatory requirements can identify missing and inaccurate information, allowing for needed adjustments prior to Claim filing deadlines.

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Product Details

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