INV_Users and Responsibilities

Users and Responsibilities

InvoicingSM enables a variety of users to perform different responsibilities:

Vendors

The invoice life cycle begins with the vendor. The vendor provides a service and expects payment from the servicer. After an easy set-up process, vendors create and electronically present invoices in the InvoicingSM standardized format. The vendor can also electronically send associated documentation with the invoice, and InvoicingSM stores it for future reference.

Vendors include appraisers, attorneys, property preservation specialists, REO brokers, inspectors, or title service providers.

Servicers

The servicer manages the loan and property on behalf of an investor. Servicers use InvoicingSM to process invoices for payment. This may include approving the invoice, denying the invoice, or pending the invoice while obtaining a resolution from the vendor or asking for a monetary adjustment.

Servicers might use an outsourcer to perform invoice processing functions and preliminary approvals for invoices.

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