ISGN Corporation, a Pennsylvania-based provider of mortgage technology and services, has added a new Invoice Processing System (IPS) to its LenStar technology, a Web-based attorney and referral communication system for the default management market.

ISGN explained that the IPS enhancement streamlines and automates invoice management functions between lenders and the attorneys and other vendors with whom they do business. The company says the new solution allows lenders and their attorneys and vendors to settle accounts payable and receivable quicker and with fewer errors than come with manually toggling between accounting and invoicing systems.

Users can use a single sign-on to access both LenStar and the Invoice Processing System and manage all related

invoices with one interface. Attorneys and vendors can electronically submit invoices individually or in a batch format, and lenders can use the system to approve and deny invoices instantaneously. The technology also automatically updates work queues, provides custom dashboards for invoice tracking, and allows lenders to export data into accounts payable systems for payment.

“By adding the Invoice Processing System functionality, LenStar moves one step closer to being a total default solution,” said Dave Heigl, product manager for LenStar at ISGN. “The new Invoice Processing System provides servicers and vendors a way to manage the invoice process within one system, allowing them to save time, reduce costs, and increase accuracy.”

ISGN added that the LenStar network gives servicers access to lenders and attorneys that service over 25 percent of the residential loans in the country. With LenStar, users are able to share critical foreclosure and bankruptcy loan information right from their desktops, the company said, reducing the need for phone calls, faxes, and shipping. LenStar also automates the ordering of title insurance policies, as well as AVM (automated valuation model) and BPO (broker price opinion) evaluations.

The Invoice Processing System can be used as a standalone system or integrated into other client systems. ISGN said it will be offering demonstrations of the new LenStar enhancements at the 2010 MBA National Mortgage Servicing Conference and Expo in San Diego on February 23-26.