A. Invoice Management is a comprehensive electronic invoicing solution primarily used in the mortgage industry. Fourteen of the top 20 prime Servicers and 11 of the top 15 sub-prime Servicers use Invoice Management to process their invoices. Invoice Management currently enjoys more than a 60% Market share and has over 25,000 users with 12,000+ vendors using this software. Typically, 900,000 default invoices are processed a month – 6.0 million annually and in 2005, Invoice Management processed over $1.5 billion in default invoices.
Q. Why have I not previously heard of submitting invoices through Invoice Management for broker related services?
A. For many years, we have supported the mortgage default industry with over 20 invoice types including Foreclosure, Bankruptcy, Property Preservation, Eviction, Valuation, and Property Inspection. We have just begun to offer invoice services to the mortgage default industry for REO Broker related services.
Q. How does the Invoice Management system operate?
A. With Invoice Management, no special software is needed. Invoice Management is an internet-based solution, only requiring an acceptable Internet browser. After you have subscribed to our service, our expert trainers will deliver training to you and your staff. Then, all that is needed is to log in to our website to create invoices and submit them to your mortgage servicer or outsourcer client, for immediate review and processing for payment.
Q. What are the benefits of using Invoice Management?
A. Some of the many benefits Invoice Management vendors enjoy include:
Immediate presentation of your electronic invoice when it has been created, making the invoice immediately available to the servicer for approval consideration.
No lost attachments to your invoices. Proof of payments and before & after photos will always be available for review.
Faster reimbursement of submitted invoices.
Online status of every invoice anytime, anywhere you have the internet.
Online reporting capability to assist with the reconciliation process.
Electronic archival storage of historical invoices and supporting documentation.
Q. What type of images does Invoice Management accept?
A. Invoice Management currently accepts JPG, GIF and TIF file formats.
Q. Will this position my company to receive more business from other mortgage servicers?
A. Invoice Management is used by most of the major prime and sub-prime Servicers in the industry. For the most part, when a Servicer chooses to use Invoice Management for the electronic bill presentment for a specific department, all of their vendors are required to use Invoice Management to submit their invoices. As the Servicer adds new departments, new vendors are subsequently added as a result of the new business. Many Servicers check our online registry regularly to see what vendors in a particular area, or part of the country, are already using Invoice Management.
Q. What mortgage Servicers are live with Invoice Management and which ones will use the REO Broker invoices?
A. We have almost 70 Servicers that require their vendors to submit invoices through Invoice Management. We do not publish a listing of our clients. We anticipate that a majority of our Servicers will use REO Broker invoices to complement their servicing needs once they have taken title to their real estate collateral.
Q. What are the registration costs and fee structure for using Invoice Management for REO Broker invoices?
A. Here are the pricing components:
Online registration fee - $49.99. This is a one-time fee. Once you register for any Invoice Management mortgage servicer, you are registered for all clients.
Invoice fee –The first time an invoice is submitted against a loan number, you will be billed a processing fee per invoice up to 5 invoices and any subsequent invoices billed for that same loan number will be free of charge.
Q. How Am I Billed?
A. A valid email address is required for billing purposes when you register. Each month you will access your invoice from the Invoice Management system. Payments must be mailed to Invoice Management within 30 days. If payment is not received within 30 days, access to Invoice Management invoice submission will be restricted.