Automated Expense Tracking
For servicers, managing invoices, tracking expenses and accounting for vendor-specific rules is time-consuming, and when not managed optimally, leaves servicers exposed to late fees and slower disposition times. Invoice Management addresses this challenge by automating all aspects of expense entry, approval, routing, tracking and invoice management in mortgage default servicing.
Invoice Management can be paired with other Equator® products to allow agents and vendors to submit expense requests in real time throughout the loss mitigation process.
Agents and vendors input expenses utilizing a standard form that ensures data consistency and all required supporting material is entered. Upon submission of a complete expense request, a configurable approval matrix reviews the request against the applicable rule set. Rule sets utilize real-time data from servicing platforms, geographic rules, investor rules, and expense type rules. Expenses are then approved for payment or queued to a specific individual or team for further review of the expense. Status and updates are provided automatically to the expense submitter, reducing calls and confusion. When an expense is denied, submitters can correct errors and quickly resubmit. Once approved for full or partial payment, expenses are marked to export to the servicer’s financial product of record.
Servicers have the ability to create pre-approved expenses, allowing high dollar value and timeline critical repairs to move forward quickly and efficiently. Pre-approved expenses set a unique rule allowing a specific expense type and value for a given property to be automatically approved if the request falls within the pre-approved amount. EQSnapshot ensures that the current expense rules, data and documentation are captured and made visible for each individual expense.
Expense rules are defined by and managed by the servicer for ultimate flexibility and immediate results. Servicers control expense codes and rules, allowing the product to align easily with financial product of records. Expense codes determine what expense types require backup data and photos, and identify recurring expenses. Recurring expenses are automatically generated and tagged to ensure these expenses are received as expected. Expense rules review each individual line item against the configured criteria for auto approval or for failure escalation. Expense rules can be configured based on geography, investor, work dates, total expense paid in an expense code and property specific values.
- Rule-based automated approvals for quick payments
- In-product controls for flexibility and tracking
- Reduced errors
- Immediate notification when expenses exceed thresholds
- Real-time status means fewer follow-ups, more empowered agents and vendors
For more information on this product, please contact Business Development