Default Management Recovery

VQN is a complete solution for managing all aspects associated with foreclosures, repossessions, owned assets and bankruptcies.  Additionally, the VQN Agency software features works well for your Legal counsel.

VQN Default Management Recovery provides a repository for your bank to manage all foreclosures,repossessions and owned assets in one place. Every critical process is user defined by your bank and all exceptions to milestone activities are reported and brought to the attention of the appropriate specialist(s). With this one solution, all information relative to the foreclosure, repossession, or owned assets process are maintained and appropriate reports easily made available.  Eliminate all the disconnected error prone Excel files people are using to track and report information by using VQN.

The compliance issues accompanying Real Estate accounts in regards to the Dodd-Frank Act and the Consumer Finance Protection Bureau has caught many banks unprepared. The Default Management/ Recovery features will help ensure you are compliant and avoid regulatory fines.

With Collections for Signature: Default Management Recovery you can:

Automatically Schedule Reminders for:

  • Real estate taxes next due
  • Listing expiration date
  • Deed recording date
  • Date sent to foreclosure
  • Foreclosure resolution date
  • Foreclosure sale date
  • Possession date

Track Critical Information by Property Lien position, other Lien Holders, as well as Participants and percent of participation by property.

  • Property values (book value, list price, and appraisal)
  • Insurance claims
  • Tenants and income produced by the property
  • Repairs and the expenses to maintain the property
  • Real estate agents associated with the property
  • Offers received on the property
  • Closing costs by property
  • Expenses on the property, including the option to automatically move expenses to the recovery module
  • All collateral out for repossession
  • Repossessions in inventory and their storage locations
  • The sale of repossessed collateral

Produce Relevant Out-of-the-Box Reports

  • Repossessions Pending – all items on the pending repossession list without a date repossessed
  • Repossessions Assigned – items currently assigned to a repossession agent but not recovered
  • Repossessions on Hand – all items repossessed and awaiting auction/sale with the date repossessed, but without a sale date
  • Repossessions Main – all items repossessed where the date of the repossession (and the resulting sale date if it is selected) falls within a specific date range
  • Repossessions Sold – all items sold over a date range, whether or not they are being charged off
  • Pending Foreclosure – all properties with a date sent to foreclosure but no resolution on sale confirmation date
  • Foreclosures Completed – all properties that have completed the foreclosure process and have been sold (either to the bank or another party)
  • Property Details – owned assets of the bank optionally selecting by the last property appraisal or the next tax due date. Options exist to report by last appraisal date and next tax due date
  • Expense by Category – expenses including maintenance on the properties
  • Property Expenses – expenses being paid on any owned assets over a period of time
  • Sales by Type – all sales by type of property (family, home, commercial building, multi-unit building, etc.)
  • Sales Cost – expenses specific to closing/sale costs, separate the cost of ownership
  • Recovery from Sale – actual vs. expected recovery; how much of the amount due on the account is being recovered from the sale