Servantis Systems Inc., of Norcross, Ga., has introduced a new electronic data interchange module for its mortgage claims software.
The module, called Quick Claim, is designed to integrate with Servantis' Problem Loan mortgage software, which is used by 110 banks.
The product was unveiled following a pilot program conducted between the Department of Housing and Urban Development and Source One Mortgage Service Corp. of Farmington Hills, Mich.
The EDI software permits mortgage lenders that have purchased insurance from HUD to send the federal agency foreclosure claims electronically.
After HUD reviews the claims and checks for mistakes, it can authorize the U.S. Treasury to send payments.
Edna Raupp, product manager with Servantis, said the module will reduce the time it takes to complete the mortgage processing claims "from weeks to days."
Two dozen banks have already purchased the module for their transmissions with HUD. Ms. Raupp said that PNC Mortgage will be the next to go on-line.
Officials at Source One, which has been a client of Servantis' system for nearly six years, said the early collection of funds is an important factor for the mortgage company . Marilyn Sabin, assistant vice president, said the company submitted an average of 10 foreclosure claims a day.
The Servantis module expedited the average processing of claims "substantially," Ms. Sabin said, allowing Source One to get its money earlier without having it tied up due to some oversight m a claim.