Covius Announces Integration with Flueid as Part of Larger Digital Transformation of Loss Mitigation

Covius, a leading provider of technology-enabled solutions to the financial services industry, announced that its Settlement Services division is integrating with Flueid to accelerate the digital transformation of Covius’ loss mitigation offerings. Flueid is the leading real estate technology company using title data and insights to fuel transactions from end-to-end.

Specifically, Covius is integrating Flueid Decision, the company’s title data and decisioning platform, into Covius’ loan modification and default title processes to reengineer loss mitigation workflows and expedite delivery of property reports and critical title grading considerations.

Through this integration, Covius’ loan modification solution provides an underwriter-backed title clearance decision and critical property and consumer insights in as little as 45 seconds. 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 will deliver a full, quality-controlled property report in a matter of hours fueled by Flueid data. This turn time compares with current turn times of three or more days for standard industry reports and processes.

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Joe Chappell, Executive Vice President of Operations at Covius, said, “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. 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.”

“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. 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.”

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Flueid Decision brings title intelligence and other key data insights to the start of every transaction workflow. For title partners, it 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. This supports the quick production and delivery of a property report, known inside Flueid as a Title Condition Report, faster and more efficiently than traditional methods.

Peter Richter, President and Co-Founder at Flueid, said, “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. 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.”

This integration is part of Covius Connected, a broad and flexible strategic blueprint for enhancing our clients’ digital experience by increasing transparency, consistency, performance and ease of integration. All Covius Connected services are intended to be self-serviceable, flexible, scalable, fault-tolerant and secure. Covius Connected simplifies the buying and onboarding processes and shrinks time to value and ROI for clients.

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