Oversight International has launched Digital Escrow Services, inc. (DESi), an Internet-based process for the administration of loan escrow transactions for residential mortgage servicing. The new, Web-based technology automates the traditional, labor-intensive, paper-based method of tax and insurance payments currently in place at most financial institutions that service residential mortgage loans, the company said.
The firm pointed to a recent acknowledgement by Cook County (Ill.) Treasurer Maria Pappas that between " March 2000 and December 2001, mortgage companies made 5,129 payments on the wrong property identification numbers. The DESi solution enables a closing agent or title company to enter the tax data directly onto the DESi website, which captures each loan and the associated property description. All borrower information and supporting data is input only once and then confirmed prior to entry into the database.
For more info: www.digitalescrowinc.com.