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Post Closing, Servicing and Default Management Solutions
When borrowers fall behind on their mortgage payments, the following Chronos Solutions services can help servicers and their investors streamline the asset disposition process and minimize loss severity. From services for pre-foreclosure, such as short sale and deed-in-lieu support, to foreclosure-related services, such as property preservation, auctions, REO asset management and disposition, these Chronos Solutions offerings can make a qualitative difference.
- Flood Hazard Compliance Services - Investor-approved and performed in-house, Chronos Solutions’ flood zone determination and life-of-loan monitoring services are the most compliant, accurate, efficient and cost-effective in the industry. A National Flood Determination Association (NFDA) certified provider, Chronos Solutions leverages a complete set of digital FEMA flood maps, including LOMAs and LOMRs, with nationwide GIS coverage to deliver the industry’s highest automated hit rate and provide manual determinations in just hours.
- Real Estate Tax and Insurance Monitoring Services - With the acquisition of UPF Services, Chronos Solutions adds a quarter-century of experience tracking real estate tax payments and insurance policies for all types of residential and commercial real estate assets. We offer both partial and fully outsourced tax services designed specifically to protect your real estate assets. Tap the power of more than 26,000 tax authorities nationwide to manage all of your real estate tax monitoring needs, including life-of-loan escrow tax payment services, life-of-loan delinquency tax monitoring (non-escrow), tax searches and certificates, instant tax searches (TRID compliance) and tax parcel research. Chronos Solutions also provides comprehensive insurance monitoring services, including homeowners and flood insurance coverage tracking and notifications.
- Assignment and Loan Transfer Services - With the acquisition of UPF Services, Chronos Solutions now offers comprehensive loan transfer services for individual, bulk sales and acquisitions. Ideal for mortgage lenders, servicers and investors, our assignment and transfer services span every stage of the mortgage assignment process, including data capture, file inventory, reviews, document imaging, exception handling, assignment document preparation and recording. We also offer extensive problem file resolution and assignment chain research services to discover and cure any issues necessary to complete the loan transfer or record an assignment.
- Lien Release and Tracking Services - With the acquisition of UPF Services, Chronos Solutions now offers comprehensive lien release and lien tracking services. Customers gain a terrific advantage by having access to one of the largest and most experienced teams of lien release professionals and the most up-to-date lien release processing technology in the industry. Whether you have just one order or thousands, our comprehensive lien release service takes care of every step of the process, including preparing and recording the required documentation to cancel a mortgage as the final step in the payoff process. To resolve the ongoing and costly problem around tracking the release of property liens, Chronos Solutions also provides mortgage and lien release tracking services as a standalone service, or in conjunction with lien release services. These offerings may be structured to accommodate any budget and service requirement and comply with state and county legal, form and fee requirements.
- Trailing Document Tracking and Retrieval Services - outsourced tracking and retrieval services for a wide range of loan-related documents, including commercial and residential mortgages, lien releases, HUD-1 settlement statements, title policies, assignments, loan modifications and UCC filings. Services are compliant and offered at a low variable cost with a variety of tracking options and reporting formats.
- Default Title and Closing - extensive experience with government contracts, GSEs and large national lenders translates to efficient, compliant title services for all default and foreclosed assets, including REO title and closing, foreclosure title and Trustee Sale Guarantee (TSG). Our Mortgage Priority Guarantee (MPG) ensures lien priority during loan modifications and we are one of the few companies that offers true curative service on defaulted properties.
- Default Valuation Services - with valuation services that span the default and REO continuum, Chronos Solutions provides the accurate valuations you need for a smooth transaction, including AVMs, BPOs, value reconciliations and property inspection condition reports (PICR).
- Default HOA - To expedite the default process when an HOA or COA is involved, Chronos Solutions offers additional services as part of its extensive HOA solutions toolkit, including HOA account surveillance (HAS), HOA notice of default status (HNS), recording for notice (RFN) and reconciliation and negotiation (RN) services. As in origination, Chronos Solutions’ services save time and expense by identifying and managing potential HOA obstacles, and providing a central repository for references and contact information.
- Asset Portfolio Plus™ - To determine collateral value and manage risk, this comprehensive solution combines essential services, including valuations and reconciliation, title grading and curative, CWCOT eligibility analysis, HOA lien identification, field services QC inspections, short sales and deed-in-lieu solicitation, title insurance and settlement services, Claims Without Conveyance of Title (CWCOT) and Trustee Sale Plus™ (TSP) auctions, online short sale auctions, asset management and liquidation services, occupied REO auctions, and more, to deliver the most favorable disposition outcome.
- RealtyBid.com - Launched in 2001, our pioneering web-based auction service facilitates accelerated asset liquidation and marketing for some of the nation’s leading servicers, HUD and the U.S. Marshals. The RealtyBid.com platform delivers real-time reporting for an auction process averaging 23 days or less from start to finish, with pull-through rates you can’t find anywhere else. Chronos Solutions also specializes in CWCOT auction services.
- REO Asset Management and Disposition - Chronos Solutions will take your asset through the REO process with a technology-enhanced process that uses proven models to evaluate and analyze the property, expedite the disposition process and maximize your return. We provide a customized marketing strategy; manage purchase negotiations, title and closing; and handle the remittance of funds.
- Field Services - With Chronos Solutions you can manage even the largest portfolios with an emphasis on vendor oversight, quality assurance and compliance. Our Quality Assurance Plus™ program provides oversight and performance tracking for third-party vendors who perform property inspections and preservation work on behalf of mortgage servicers, enabling them to identify and prevent conveyance issues and avoid non-claimable expenses.