Mortgage Cadence Releases Web-Based Loss Mit Tool

Posted by Orb Staff on February 16, 2010 No Comments
Categories : Mortgage Servicing

Mortgage Cadence Inc., a provider of enterprise lending solutions, has introduced its Loss Mitigation Gateway to provide online initiation, management and execution of the loss mitigation process.

This Web-based solution provides users with real-time pipeline viewing and a variety of defined workflow paths based on the functional group of the associated user. Upon loan entry/import, the system validates that the required data is present/reasonable and executes the appropriate calculations (e.g., net present value, debt-to-income).

When run, the waterfall calculation determines if a loan qualifies for a modification (Home Affordable Modification Program (HAMP) or proprietary) and what the new loan terms will be for that modification. The results are displayed for review/approval, and Mortgage Cadence says additional quality assurance and underwriting information can be collected as needed. Such QA steps might include basic eligibility validation, updated borrower income collection and imminent default verification.

Upon completion and validation of analytics, the Loss Mitigation Gateway generates loan modification document packages (including the standard Department of Housing and Urban Development-approved HAMP modification package) while maintaining the appropriate status updates within the pipeline. The Loss Mitigation Gateway allows the user to have the generated document packages securely distributed to the borrower.

SOURCE: Mortgage Cadence Inc.

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