Covius, a provider of technology solutions to the financial services industry, announced its settlement services division is integrating with Flueid, aiming to accelerate the digital transformation of Covius’ loss mitigation offerings.
Specifically, Covius is integrating Flueid Decision, the company’s title data and decisioning platform, into Covius’ loan modification and default title processes to re-engineer loss mitigation workflows and expedite delivery of property reports and title grading considerations.
“Our goal is to significantly raise the bar for compliance and customer experience by accelerating decisions and then offering digital document execution options where available via our remote online notary (RON) closing capabilities,” Joe Chappell, executive vice president of operations at Covius, said in a release. “Covius’ digital transformation for loss mitigation spans compliance, title processing, document generation and document execution engineered to provide the best experience possible to distressed homeowners. This is an ongoing strategy for Covius and a key driver for our integration with a best-in-class provider, like Flueid.”
Through this integration, Covius’ loan modification solution will reportedly provide an underwriter-backed title clearance decision and critical property and consumer insights in as little as 45 seconds.
Leaders said this process facilitates more immediate analysis into property title issues and potential curative actions, resulting in an improved borrower experience and shorter fulfillment timelines.
For qualifying properties, Covius said it will deliver a property report in a matter of hours fueled by Flueid data.
“Our early results show that Covius clients can expect to receive same-day “clear-to-modify” eligibility decisions on most orders as well as a significant reduction in error rates from data keying processes,” Chappell added. “This decision, title intelligence and data will help us accelerate the delivery of property reports. As well, Flueid’s comprehensive analytics combined with our credit data will double-validate critical loan modification transactions. We are also working with Flueid to digitize title workflows in other areas, including home equity lending.”
For title partners, Flueid Decision is designed to digitally enhance and automate title search best practices based on underwriter logic, data and industry experience. If title issues are uncovered, the platform flags them as action items and provides supporting data insights, so the title agent knows what to address.
“Flueid’s focused on using title data and intelligence to help fuel and digitize real estate transactions, compressing timelines and creating a more frictionless experience for our clients, and ultimately, their borrowers,” Peter Richter, president and co-founder at Flueid, said. “In January, we launched our loss mitigation solution suite to help deliver a more integrated servicer-title workflow. We recognized that same vision and drive in Covius and – working with the synergies between our technologies – and have integrated to bring digital efficiency to their loan modification process, with home equity loans to follow. Now servicers using Flueid’s Loss Mitigation Analysis Report will receive a matching clear-to-mod decision from Covius in minutes for a truly integrated and efficient process of the future.”