LenderLive Network Deploys Eligibility Engine In EarlyAction Program

Posted by Orb Staff on August 18, 2008 No Comments
Categories : Mortgage Servicing

LenderLive Network Inc., a business process outsourcing and technology provider for the financial industry, has launched a portfolio analysis tool that leverages its product eligibility engine to provide a preliminary indication of the homeownership preservation programs that may be available to homeowners in a loan servicing portfolio.

According to the company, the eligibility engine improves the efficiency of determining the alternative loan product or loan modification most appropriate for borrowers whose mortgages are at risk. As part of LenderLive's EarlyAction initiatives, the eligibility engine searches and analyzes a pool of loans for workout options that may be available to a particular borrower.

‘Incorporating an eligibility feature into the process of identifying a more manageable loan increases our capability to mitigate losses from foreclosure and better preserve homeownership,’ says Rick Seehausen, president of LenderLive. ‘In providing a more accurate selection of modification or refinance choices that actually ease the borrower's financial situation, LenderLive is able to help lenders keep more borrowers in their homes.’

LenderLive's EarlyAction program, a service component of the company's specialty origination channel, provides counseling services to help with loss mitigation and portfolio retention efforts. Trained personnel contact identified borrowers to determine the level of risk of prepayments or defaults, complete full financial assessments and qualify homeowners into alternative loan products or loan modifications, as determined by the client.

Source: LenderLive Network

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