First American’s Modification Program Includes Borrower Portal

Posted by Orb Staff on July 14, 2009 No Comments
Categories : Mortgage Servicing

ss mitigation module belonging to First American Outsourcing and Technology Solutions' VendorScape platform has been enhanced so as to fully support the Home Affordable Modification Program (HAMP), the company says. First American has also added a private-label, online communications portal that gives servicers an automated channel they can use to communicate with borrowers, gather information and deliver outbound offers at any time. The new online tool allows borrowers to respond to direct-mail and call campaigns without potentially uncomfortable conversations with live representatives. A new plan analysis section of the VendorScape platform automates and streamlines HAMP eligibility determination and the module enables loss mitigation specialists to walk borrowers through the modification process by using an intelligent, rules-based interview, financial analysis and embedded HAMP business rules. Waterfall calculations are performed in real time and quickly direct specialists to the optimal workout path, First American says. The platform's rules engine is flexible and fully configurable, the company adds, and the platform itself is able to automatically generate, distribute and track modification documents sent to homeowners and image, store and record executed agreements. Loss mit specialists can also order valuation, credit and tax data though the platform. "These solutions give servicers the ability to accelerate alternative workout paths, because borrowers who do not qualify may continue the process with the same processor in the same system," says Scott Brinkley, senior vice president for First American's Outsourcing and Technology Solutions division. "Our new portal also removes some of the anxiety from the loan modification process and encourages borrowers to ask for help earlier." SOURCE: First American Outsourcing and Technology So

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