‘Nobody wins in a foreclosure’
Sanjeev Dahiwadkar applies the often used phrase related to health care — prevention is better than cure — to the business world and
the RxOffice is a result of it. It has vast use in the
real estate world, where it means keeping an eye on
the borrower before he lands in financial trouble
and the deal ends in foreclosure.
“Nobody wins in a foreclosure. It is always better
to avoid reaching such a situation,” Dahiwadkar,
founder of the Columbia, Maryland-based IndiSoft,
. It is part of the default servicing
industry, not to be confused with mortgage ser-
He believes that instead of reacting to problems
after they occur, as lenders used to do, they will now
look for a pattern of behavior that indicates a prob-
lem is on the horizon. The process has started, he
added; IndiSoft is providing the technology for it.
IndiSoft is developing programs that monitor bor-
rower behavior and developments in his/her life,
like divorce, layoff or moving the date of paying off
the credit card debt from the 1st to the 15th of a
month. With RxOffice, which centralizes the infor-
mation about a borrower, the lender will immedi-
ately get to know about these things and take neces-
‘There are different ways to analyze risk,’
Dahiwadkar told the
in an earlier
interview. ‘A change in behavior is some-
thing to be cautious about. So, if a pay-
ment pattern changes, it could be a trig-
ger for putting a loan on a ‘watch’ list.’
The lender can interfere in many
ways. It could start with sending a
friendly reminder, or a phone call to
make sure things are going well.
Monitoring the borrower is in no way
intruding on the privacy, Dahiwadkar
believes. He said it was not a way to help
only the lender; ultimately the borrower
The initial tendency of most borrow-
ers is to think they can solve the prob-
lems themselves. By the time they seek
help from the lender it may be late.
Currently, even if one calls, the required
help may not be forthcoming as lenders
are busy with more pressing problems.
“If the problems are solved early, the
winner is the borrower,” he said.
Dahiwadkar, who came to the United States in the
1990s with a masters degree in computer science
from the University of Pune, Maharashtra, worked
in mortgage firms. In 1999, he co-founded MSTD, a
software development firm focused on default serv-
ice processes that was acquired by LandAmerica
Financial Group in 2006. He was also chief infor-
mation officer at LandAmerica Lender Services -
BITB Division, where he was responsible for the
overall technology development strategy, as well as
acquiring the technology to support and integrate
processing more than 13 million delinquencies. All
of these made him understand the need for the
The RxOffice removes subjectivity when dealing
with people and artificial intelligence takes its
place. It also helps to avoid or ease litigation. Aware
of the chances for misuse, Dahiwadkar has added
provisions that ensure that information is gathered
with permission, messages are always secured and
no information is sent through e-mail.
There are a number of products to suit different
needs — like RxOffice Foreclosure; RxOffice
IndiSoft’s other products have also gained suc-
cess, taking the company into the
500 list. It
ranks 259th on the
magazine’s list of the coun-
try’s fastest growing private companies in
In addition to Dahiwadkar, IndiSoft is
managed by Karun Khanna, chief oper-
ating officer; Anna Taylor, chief technol-
ogy officer and Vinayak Kulkarni, vice
president. Dahiwadkar was chief execu-
tive officer of ITShastra (India) Pvt Ltd,
a software development company that
was started in 2001 with three program-
mers. The company has grown to 85
employees with more than $2 million in
annual revenue. Since its inception,
ITShastra has experienced more than
100 percent growth year after year.
He also started the India Asha
Foundation in 2000, a non-profit
organization to promote education,
health and civic duties among citizens.
The SaaS RxOffice platform is IndiSoft’s flagship technology.
RxOffice Legal offers case management, document management and work flow all in one
IndiSoft’s goal is to make the default management process more transparent with open
communication at every level.
With real-time updates and open architecture, stakeholders can determine where the
delays are in the process and give access to information to different involved parties.
Dahiwadkar pointed out the experience of a law firm, which used 12 paralegals and two
attorneys for handling 680 cases. After using IndiSoft products, the work could be done by
five paralegals and one attorney.
The RxOffice Consumer Credit Counseling portal is used by counselors nationwide to cap-
ture consumer information and determine whether they are eligible for affordable programs.
RxOffice was successful in helping hospitals achieve improved case management and
transparency while allowing them to maintain control of the information.
From India to US to Europe: Dipak Jain’s journey
ucts that are useful to consumers. This, says
Jain, is vital for diverse societies such as
America and India, where consumer tastes
are different between regions. “The
research helps during the design process
and reduces the cost of switching between
products,” he says. The switching cost is the
emotional or financial cost to a consumer
to switch between products.
The second trend is changing demo-
graphics. The aging population of devel-
oped economies (and China) makes devel-
oping economies like India attractive
growth areas, according to Jain. The era of
hyper-competition or niche products that
cater to increasingly local markets is also
important, he says. Finally, he points to the
commoditization of products. “Price is
important to have meaningful hyper-com-
petition,” he says.
in this issue
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