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Invoicing Servicer |
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Invoicing Servicer |
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Servicers can engage REO/vendor outsourcers to handle invoices from REO brokers. REO brokers, in lieu of submitting invoices directly to servicers, can submit invoices to REO/vendor outsourcers.
The REO/vendor outsourcer can:
The invoice can be resubmitted without the servicer's order if the InvoicingSM administrator configures the department on the invoice to allow the resubmission of the invoice without an order.
Contact Client Support at Invoicing.Support@bkfs.com to set up appropriate permissions.
REO/Vendor Outsourcer Invoicing Process
Step |
REO Broker |
REO/Vendor Outsourcer as Servicer |
REO/Vendor Outsourcer as Vendor |
Servicer |
Request Status |
Operation |
1 |
Submits invoice to REO/vendor outsourcer |
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Submitted to REO/vendor outsourcer |
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Optional |
Creates invoice for REO outsourcer and places On Hold status |
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Hold |
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2 |
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Responds to a Request - Approves (no further approval required) |
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Approved |
Select Approve. See Approving an REO Broker Invoice. |
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Responds to a Request - Accepts (further approval required) |
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Accepted |
Select Approve. See Approving an REO Broker Invoice. |
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Responds to a Request - Reduces amount |
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Select Approve after reducing the amount. See Adjusting an REO Broker Invoice. |
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Responds to a Request - Denies |
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Denied |
Select Deny. See Denying an REO Broker Invoice. |
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Responds to a request by requesting additional info |
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Pending Review |
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3 |
Views response |
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Various |
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4 |
If requested by REO outsourcer, supply additional info. |
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5 |
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Pays REO broker |
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Automatic process if invoice was approved. |
6 |
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Submit invoice to Servicer for reimbursement |
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7 |
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Approves or Denies Invoice from REO/vendor outsourcer |
If invoice is sent back to REO/vendor outsourcer when an adjustment or resolution is made, the status becomes Pending Outsourcer Review (broker) |
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8 |
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Reimburses REO/vendor outsourcer |
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Automatic process if invoice was approved. |
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TM SM Registered Trademark(s) of Intercontinental Exchange, Inc. or a subsidiary or affiliate
Copyright 2024 Intercontinental Exchange, Inc. All Rights Reserved
ICE | Privacy Notice
Confidential, Proprietary and/or Trade Secret
TM SM Registered Trademark(s) of Intercontinental Exchange, Inc. or a subsidiary or affiliate
Copyright 2024 Intercontinental Exchange, Inc. All Rights Reserved
ICE | Privacy Notice
Confidential, Proprietary and/or Trade Secret
TM SM Registered Trademark(s) of Intercontinental Exchange, Inc. or a subsidiary or affiliate
Copyright 2024 Intercontinental Exchange, Inc. All Rights Reserved
