New Software Catapults Processing to Central Site.(from LOGS Financial Services, Inc.)(Brief Article)(Product Announcement)

LOGS Financial Services, Inc. (LFSI), here has released a "thin client" version of its software to help servicers manage default vendor relationships.

By centralizing the computer applications at LFSI's server site, the new system reduces the hardware burden on lenders using the system. Essentially, all they need is Internet access and a scanner.

And that means that lenders with a relatively small volume of foreclosure referrals, who may have thought the benefits of Catapult did not justify the hardware investment required in the past, may now find the system is within their reach, according to LFSI.

LFSI said the new Catapult Remote module allows servicers to work from multiple locations to gather data and document images needed to refer its delinquent loans to outside attorneys and trustees. The system also provides a means for management to track the activities of its staff and outside vendors in real time.

Gerald Alt, senior vice president of LFSI, said the original Catapult system required dedicated hardware and a wide-band connection between the servicer and LFSI. The new system uses a combination of the Internet, dial-up and network connections to provide flexibility to users. The bulk of the data processing is performed at LFSI's Northbrook, Ill., headquarters, so the need for dedicated hardware has been eliminated.

By using Catapult Remote, one of LFSI's key clients, Fleet Mortgage, scans documents in two retrieval vaults in different states, eliminating the need to pay for retrieval and shipping of the collateral files, Mr. Alt said.

"At the same time, the client's referral specialists work on those cases from their own offices in two states to manage the flow of cases to counsel rather than having to train staff at the vault locations or wait for the paper files to be sent to them," he added.