IBM has jumped into the mortgage servicing tech space with loan modification services designed to be a completely outsourced, turnkey solution.
Deliverable in a modular capacity, the offering can be tailored to support government-sponsored loan modification initiatives or servicing companies' alternative loan modification programs. The solution includes a set of analytics capabilities and tools to analyze borrowers and portfolios. Alternatively, IBM says it can work with servicers' existing analytics capabilities or preferred third-party analytics providers.
The company also performs loan modification fulfillment according to investor and servicer business rules, including collection of required documentation, verification of borrower eligibility, document preparation, and customer care. Servicers using IBM's technology platform will be able to offer a secure borrower Web portal, enabling borrowers to complete the majority of the loan modification process through over the Internet.
Other services include development and execution of a borrower engagement campaign, including mass mailing and telephone outreach designed to educate borrowers on loan modification options, and imaging services.
‘Loan servicing companies and investors face complex operational challenges in the area of loan modification, as well as increasing pressures from governments, regulators and unprecedented customer volume,’ says Eric Ray, general manager, Financial Services Sector, IBM Managed Business Process Services. ‘IBM recognizes these challenges and has developed a powerful loan modification services tool to help existing and potential clients operate with maximum efficiency and cost effectiveness.’