SMART Servicing, LLC, an affiliate of Denver-based Steel Mountain Capital Management, recently announced the availability of its new privately owned software, “SMART”—Servicing Management Asset Recovery & Tracking.The system provides residential mortgage professionals with relevant loan-level information to control loss severity, as well as asset-level transparency outside the traditional servicing system formats, according to a statement released by SMART Servicing.

“The most commonly used servicing systems do not provide the necessary flexibility or ease of use required to meet the needs of today’s mortgage servicers, asset managers, and investors,” said Bill Alread, managing partner of Steel Mountain. “SMART resolves these issues through its insightful design combined with the required flexibility to quickly adapt to an unpredictable mortgage loan market.”

SMART, which was developed by principal holders and asset managers with more than 20 years of industry experience, is designed to work in conjunction with

existing servicing systems and loss mitigation processes. With a database updated nightly with proprietary scripts via a user’s existing servicing data, the SMART software provides customized screen views, so users can track and summarize more than 740 loan level characteristics and related daily servicer actions.

“SMART is designed to remove loan level decision barriers that are so often found in traditional servicing systems and processes,” said Kelly Wayne Garland, managing partner of Steel Mountain. “As an owner and manager of assets, we have enhanced SMART with real world experience, asset level transparency, and tools that promote agile asset management decisions.”

SMART also features views for the various loan level functions, including historical borrower activity; daily servicer collection comments; and daily updates of loss mitigation activities, including modification, cash for keys, deed-in-lieu, and forbearance; as well as details related to bankruptcy, foreclosure actions, and time line management functions.

In addition, the software offers historical broker price opinion (BPO) value tracking; REO process review and listing management; chain of assignment; and tracking and on-screen examination of actual BPO and collateral document images.

Steel Mountain Capital Management, a principal purchaser of performing, sub-performing, and nonperforming residential first and second lien mortgage loans, created SMART Servicing to develop and market its SMART software. The company provides portfolio management, valuation, and servicing oversight to investors and hedge funds.