Faster Repurchase Claims Processing with VisiClaims Claim Management System (CMS)

VisiClaims® Claim Management Solution Features

Claim management portal interface for interaction with outside departments
A variety of departments and users can interact with Visionet’s claim management system (VisiClaim’s) through the claim portal interface. Users can provide status updates on tasks assigned, submit single or bulk claims requests, and look up information on a particular claim.

Additionally, sellers can also use the portal to submit buy back requests, or respond to any claims they may have received.

Single and bulk submission of claim requests
VisiClaims management system allows for single or bulk submissions. A user utilizes the portal to submit a single claim, or to submit bulk claim requests that are done through uploads in a predefined Excel format. Visionet’s claim management system automatically validates the request for duplications, prior cancellations, and other business rules.

Requests are either accepted or held back for further review. Workflows are immediately set up for those that are accepted. Those that are not accepted are listed so that users can discard them, review them, or fix any data entry mistakes.

Bulk processing on claims
Users have the ability to efficiently manipulate a large number of claims simultaneously. Groups of claims are easily searchable and editing can be done in bulk.

Integrated work flow and business rules
VisiClaims is used in conjunction with the proprietary workflow engine Visiflow. This combination provides for increased visibility and tracking in the processing of claims. This allows for higher levels of productivity. The configuration facility for VisiFlow and rules engine allows users to maintain and customize the workflows. This makes it very simple to adapt to changing business environments.

Task and workflow console
The task and workflow console facility gives an administrative user the ability to easily monitor, review, release, and reassign (manual or automated) open tasks within the pipeline.

Task assignment to external business partners
The workflow engine assigns tasks automatically, and the user has the ability to override assign tasks to a specific user manually.

Seller contract terms
Users can store contract terms of the seller as part of the master record for the seller. These terms include the EPD period, EPD filling date, delinquency counters, current loan status, required documentation etc. Using these terms Visionet’s claim management system automatically verifies if the claim is valid. The user still has the option to override the rules.

Data warehouse integration
Visionet’s claim management system is integrated into the data warehouse to automatically pull servicing, origination, delivery and deal related data. This information is used by the business rules engine, which validates the claim and directs the workflow. The claims calculator uses this information to determine the correct amount of claim.

Claim calculator
The VisiClaims® calculator calculates the claim amount using the servicing information available. The user has the option to override the calculations. Information that is used by the calculator includes the amount of corporate advances, escrow shortages, delinquent installments, interest income losses, etc.

Integrated letter writer facility
Visionet’s claim management system comes with a built in letter writer facility. Users can create letter templates using MS Word and store them in the template folder, and then use them to generate letters, forms, documents etc. while processing a claim. The generated letters are archived by claim, and can be retrieved at a later time for reference purposes.

Integration with imaging system
Instead of constantly switching applications, users can use a single desktop screen to view all of the required information. Visionet’s claim management system can be integrated with the corporate imaging system to retrieve the available document images needed at the time.

Basic Workflow of Claim Management Solution VisiClaims®

VisiClaims® Integration Points

Integration with VisiLoanReview® — rules & workflow based solution for pre/post close compliance
Visionet’s claim management system is integrated into the workflow of VisiLoanReview® to enable a seamless flow of tasks from VLR to VisiClaims®. When an auditor reviews and finds a defect in a loan then that loan is marked to transfer to the claims system. Once all the loans in a deal or transaction have been reviewed, then a bulk claims request is automatically created in VisiClaims® and the data populated from VLR.

If the claims are accepted then the claim management system informs VLR of the resolution status so that they may be removed from the deal or not boarded into the servicing system (or other servicing system).

Integration with VisiRepurchase® (claim deadlines management)
Visionet’s claim management system is also integrated with VisiRepurchase®. Currently, VisiRepurchase® detects when a demand letter is received for a loan that has been bought from an outside seller. In such an event VisiRepurchase® will create a claim request against the seller, provided the loan has recourse. Once the response is received from the seller, it will flow back into VisiRepurchase® to drive the workflow forward and a final response is sent out to the investor.

Visionet has expanded its range of services to keep pace with the latest in enterprise technology. Please visit our Application Integration page to learn more.