The Cloud-Claims Difference
Filing a mortgage insurance claim used to be hard and often exposed lenders and mortgage servicers to curtailments, penalties, and regulatory findings. Cloud Claims has changed the landscape by integrating loan servicing data with unparalleled rules-based and loss analysis technology.
No matter what type of loans are in a portfolio, Cloud-Claims leverages a lender’s existing loan records to ensure that any claim is complete, compliant, and filed within the specified timeframe.
Comprehensive validation of this information makes sure that:
- Required servicing data is captured without manual input
- Missing and inaccurate data are identified for correction
- Every claim filed meets all Investor and Insurer requirements and guidelines
- Servicers can make final adjustments throughout the claims process
- Curtailments, losses, and unclaimed benefits are reduced
Complete Data Integration
No matter what system is used to service a portfolio Cloud Claim’s provides unparalleled data interface and mapping capabilities. VAT-MS has worked with the industry’s leading technology to make seamless data transfers a reality.
Cloud Claim’s ability to gather loan data, file a claim, and then update any servicing system with status information provides a servicer with:
- Web Services
- JavaScript Object Notation (JSON)
- X12
- XML
- Synchronized Loan Records
- Complete Timeline and Event Records
- Comprehensive Expense and Balance Records
- Data Accuracy and Lineage
Comprehensive Rules Engine
At the heart of the Cloud-Claims platform lies a powerful tool that takes the guesswork out of recovering potential losses and filing mortgage insurance claims. Built to handle any claim type lenders and servicers may face, the Comprehensive Rules Engine (CRE) provides a total package of all requirements, regulations, and calculations needed to accurately capture maximum claim benefits, and every dollar available from an insurer or investor.
Workflow and Tasking
Cloud Claim’s comprehensive rules engine (CRE) provides an integrated check of everything that goes into the claims filing process and ensures that allowable expenses, timelines, and conditions meet all investor and insurer requirements for any claim types a servicer may encounter, including:
- FHA (Parts A & B)
- VA (VALERI)
- Fannie Mae
- Freddie Mac
- Early and Supplemental Claims
- USDA
- Mortgage Insurance
- Reverse Mortgage
- Loss Mitigation Incentive & Partial Claims
Regulations and Requirement Checks
Navigating the rules of the claims filing process used to be a daunting task, but Cloud-Claims makes that journey easy. Once loan information is loaded, integrated technology applies thousands of rules that validate everything that can be claimed, will be claimed, and any red flags are presented for correction.
This unmatched collection of information is now at the fingertips of every servicer to confirm that:
- Expenses and advances are within allowable thresholds
- Default timelines and regulations are met
- Reasonable Diligence is factored in for maximum claim benefits
- Timeline extensions are accounted for to avoid curtailments
- Each claim is complete, accurate, and ready to file
Integrating Filing Functions
There are many ways to file a mortgage insurance claim. Multiple formats, different websites, and expensive software exchanges can leave servicers baffled about the best way to beat filing dates and not miss a costly deadline.
Cloud-Claims' integrated filing functions have it covered, regardless of how a claim is filed. From paper to dispersed websites to complex electronic interfaces, the platform ensures complete tracking no matter how a claim is filed.
- Complete EDI Capabilities
- FHA Catalyst
- VALERI
- Fannie Mae & Freddie Mac
- Integrated Filing Solutions
Accounting Analystics
The biggest risk associated with claims processing is after the hard work is done and the bottom line has to be calculated. Cloud Claims provides end-to-end calculations throughout a claim's lifecycle enabling servicers to know has been submitted and what was actually paid by the insurer or investor.
Detailed analysis of what was curtailed, the amount received and what benefits may still be available for supplemental claim filings are easily obtained from Cloud Claims' accounting functions allowing a servicer unprecedented analytics that easily identify:
- Proceeds Calculations
- Explanation of Benefits (EOB)
- Loss Analysis
- Shortfall
- Book Loss
Analytics & Productivity Toolkit
Filing a mortgage insurance claim involves many moving parts and multiple parties. Cloud Claims provides tools help track and understand where in the process each claim is, as well as what amounts have been claimed, what has been paid by the insurer and investor, and what the overall bottom line is for a portfolio.
Workflow and Tasking
Cloud Claims offers native functions and tools that allow for the management of high-level task tracking and user-specific workload distribution throughout the lifecycle of the claims process.
Full Lifecycle Reporting
From the earliest stages of filing a claim to the final loss-analysis calculations, Cloud Claims provides detailed that include the data servicers and lenders need to manage this unique population of their book of business.
Executive Dashboards
When the big picture has to be presented to executives and regulators, Cloud Claims has the right level of reporting to show where losses are being avoided and where servicing errors are creating problems. Cloud Claims dashboard reports can be used to illustrate the health of an operation and help pinpoint what is working well and what nee s adjustment, by summarizing the detailed information needed for accurate claims processing.