ISGN To Release Pay-Per-Loan Loss Mit Software

Posted by Orb Staff on July 20, 2009 No Comments
Categories : Mortgage Servicing

loss mitigation technology from ISGN will be available on a pay-per-closed-loan basis, the company says. The software, currently in beta testing and expected to be brought to market in September, will allow servicers to evaluate a pool of loans, customize their evaluation criteria based on their own objectives and prioritize those eligible for loan modifications based on risk, paying only for the loans that reach successful resolution. The Web-based technology will be available as either a licensed or hosted solution, and ISGN says servicers can deploy the system in as little as two weeks. The software's default evaluation criteria align with the government's Home Affordable Modification Program (HAMP), and it can be customized to coincide with servicers' unique objectives. It can run concurrent scenarios, so servicers that are participating in the HAMP program can also evaluate loans according to their own specifications. Chetan Patel, executive vice president for ISGN, says the system was developed to address servicers' "pain points." "They need powerful technologies that can address the backlog of current defaults and delinquencies, as well as the powerful analytics that can prevent future defaults," Patel says. "We are addressing both of those needs with a solution that analyzes loans at any stage, ranks each loan according to risk and helps servicers better manage the entire loan modification process." SOURC

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