1. Automate Payment Posting
& Evidentiary Reporting
Finally, a technology solution to specifically address concerns regarding
BAPCPA section 524(i) and the potential for adverse litigation if courts
interpret servicer practices as demonstrating a “willful failure” to apply
loan payments accurately, causing material injury to the debtor.
PACT Objectives
• PACT enables Servicers to match their loans in bankruptcy
to trustees’ cases and claims enabling a comprehensive
tracking capability.
• PACT is a repository for loan payment history. The on demand
payment history will capture payments beginning with the filing
of the bankruptcy and culminate when the bankruptcy file is
closed.
• PACT generates posting instructions for trustee payments.
• PACT provides reports to help reconcile Servicer payment
records with trustees’ payment records and provide evidentiary
reporting to the Courts.
• PACT interfaces with industry leading servicing systems and
with the National Data Center Chapter 13 Trustee information.
• PACT leverages industry standards for data integration using
standard input and output formats to ensure accurate, secure
and safe transfer of bankruptcy payment data.
• PACT provides the industry a common communication
platform/terminology at the data element level for all
parties-in-interest (Servicers, Creditors, Attorneys, Trustees,
Judges and Debtors)
• PACT supports the Servicers’ ability to automate the tracking
of payments with the added “ledger” generation that could
be supplied to debtors, trustees, and to the courts when
requesting relief. This eliminates the need to supply “codes”
to decipher the current loans histories being supplied
as evidence.
CONTACT US
PHONE: 855-730-4830
Please ask the receptionist for the PACT Team.
For additional information, please contact
us at info@mypact.info or visit our website.
Patent No. 7,856,385
Provisional Patents Pending
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2. •••• Payment Allocation
PACT will enable Servicers to reduced the cost and complexity of managing
bankruptcy funds.
Benefits include:
• Intelligent automation of payment allocation for bankruptcy funds
• Delivers automated posting instruction for integration into mortgage servicing
application platforms
• Enables Bankruptcy Management the flexibility to easily implement change
• Improves management of suspense balances
• Minimizes misapplication of funds
• Reduces error rates
• Reduces auditing effort
• Eliminates the need to manually input trustee paper vouchers
• Timely application of funds
• Strong exception-based functionality
• Measured accountability for bankruptcy funds processing
• Improved quality of information
• Tracks and reports on debtor direct funds
Design Elements
• Secure Web Application - Software as a Service (SaaS)
• Exception based processing
• Client defined rules based engine
• Supports all loan collateral types
• Interfaces with multiple servicing systems
• Integrates trustees’ System of Record
• SAS 70 Secured environment
•••• Claims Tracking
PACT will mitigate risk associated with the misapplication of payments by offering
the ability to easily track and report on loans in bankruptcy.
Benefits include:
• Enables a proactive approach to ensure compliance with the Chapter 13
Debtor’s plan
• Identifies the relationship of trustee claims to creditor loans
• Identifies all creditor claims on record, filed by or on behalf of the creditor
• Integrates trustee back office financial system transaction detail
• Provides for synchronization of servicers’ claimed amounts
to trustees’ records
•••• Evidentiary Reporting
• Provides ongoing repository of loan payment histories
• Does away with “green bar” or transaction lingo ridden reports
• Enables servicers to present a clear story to the Courts through the
delivery of timely and accurate Evidentiary Reporting
• Eliminates costly research to support legal proceedings
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