PITTSBURGH, Feb. 15, 2012 /PRNewswire/ -- ServiceLink, a
leading end-to-end origination and default solutions provider for
15 of the top 20 mortgage lenders and servicers, will announce the
official availability of HOA Resolve, its proprietary system
dedicated to home owners association (HOA) management, at the
upcoming MBA National Mortgage Servicing Conference & Expo,
Feb. 21-24 in Orlando. To schedule a demonstration
or get more information about HOA Resolve, please visit
ServiceLink at booth #501.
ServiceLink has years of proven, dedicated experience in HOA
management and that level of knowledge and first-hand experience is
reflected in HOA Resolve. The solution effectively prevents closing
delays and mitigates lenders' and servicers' risk of overpayment by
quickly identifying HOAs through direct access to information from
Fidelity National Financial's network of more than 5,000 local
title agents and working with them to bring any outstanding fees
current. This is accomplished through ServiceLink's review of
existing mortgage or title documents and verification against an
internal database, as well as other drivers. ServiceLink then
contacts the HOA regarding the status of the account to confirm all
charges are within legally required limits and, if possible,
negotiates the terms to reduce its client's financial
exposure. Once finalized, ServiceLink handles payments and
processing to ensure there are no outstanding HOA title curative
issues when the property goes under contract.
The issue of HOA fees is a significant one for lenders in
today's market. When a financial institution takes possession of a
property through foreclosure or through a bulk sale, for example,
it may also assume the responsibility for any outstanding HOA fees
or penalties tied to that property. ServiceLink's HOA Resolve
helps lenders by coordinating all open accounts associated with a
foreclosure and ensuring that they are closed upon finalization of
the transaction. In doing so, ServiceLink is saving its lender
customers, on average, more than $3,100 per foreclosure.
"Lenders understand and expect to fulfill HOA obligations tied
to their portfolio properties and in working closely with HOAs and
their attorneys, we help ensure that those obligations are met and
that the fees and dues are not above and beyond what is supported
by the legal statute," said Stacey
Bayley, SVP, Asset Management and Disposition for
ServiceLink. "Through HOA Resolve, our lender customers are better
positioned to quickly identify properties with HOA commitments and
determine the correct settlement amount prior to closing."
About ServiceLink
ServiceLink, a Fidelity National Financial (NYSE:FNF) company, is a
leading provider of end-to-end origination and default related
products, services and technology for the mortgage industry.
ServiceLink currently serves 15 of the top 20 national lenders and
servicers, helping them drive maximum performance throughout the
life of the loan. ServiceLink combines its unrivaled Serve
First culture and industry experience with innovative products and
technology along with the resources of FNF to help our client
partners mitigate risk, reduce cycle times and lower operating
costs. For more information about ServiceLink, visit
www.servicelinkfnf.com.
SOURCE ServiceLink