ServiceLink, an end-to-end origination, servicing and default solutions provider for 15 of the top 20 mortgage lenders and servicers, announced the acquisition of Newport Beach, Calif.-based DRI Management Systems (DRI), the terms of which were not disclosed. In conjunction with the acquisition, ServiceLink also announced the launch of ServiceLink Fusion, the company’s new servicing workflow platform, which was implemented in response to specific feedback from the company’s servicing clients and incorporates technology gained through the acquisition.
”In response to increasing regulatory oversight, our clients have asked for a way to successfully centralize their servicing workflow management and we listened,” said Laura MacIntyre, ServiceLink’s senior vice president of servicing solutions. “ServiceLink Fusion is truly a ground-breaking workflow platform, developed and configured in the default space and is ready to accept additional configurations across the loan servicing continuum.”
ServiceLink Fusion uses the newly acquired DRI workflow platform to provide loan servicers with an end-to-end workflow management solution. For the last four years, DRI has been intensely focused on developing and configuring an entirely new workflow and content management platform for the loan servicing industry. This platform, which uses a common database and common user interface framework, is in production and is presently configured to support eight key functional areas within default. While use of ServiceLink Fusion is not limited to default, existing configurations include loss mitigation, pre-foreclosure, foreclosure, bankruptcy, claims, third-party service ordering, litigation, default administration and real estate owned management.
ServiceLink’s Fusion platform enables clients to manage operational risk while reducing the limitations and constraints that result from hard-coded point technology solutions, databases and other interfaces. As a result, compliance with new regulatory mandates, such as providing a single point of contact has become relatively simple. Integrating with ServiceLink’s existing loan origination system, Commerce Velocity’s Spectrum, the ServiceLink Fusion team now delivers solutions spanning the entire loan life cycle, from origination through servicing and disposition.
“For more than two decades, DRI has led the way in defining the default technology space," said Duke Olrich, DRI Management Systems president and chief executive officer. "We are excited to join forces with such a forward-thinking industry leader and look forward to working with ServiceLink’s servicing solutions team to deliver new technology for the industry.”
“ServiceLink is committed to providing comprehensive services, solutions and technology that surpass our customers' expectations and business requirements, and ultimately enhance the way in which they do business,” said Chris Azur, ServiceLink president.