RCS Taps SigniaDocs, Overture For Mod Technology

Posted by Orb Staff on October 09, 2009 No Comments
Categories : Mortgage Servicing

SigniaDocs has gone live with the implementation of automated loan modification document services for Fort Worth, Texas-based servicer Residential Credit Solutions (RCS).

RCS' new capabilities are part of a joint effort between Overture Technologies and SigniaDocs to increase the speed, accuracy and success rates of loan modifications, including those under the Home Affordable Modification Plan.

SigniaDocs' part of the effort involves providing electronic loan modification documents that are electronically presented and can be executed by homeowners within minutes. RCS takes the borrower loan data and matches it against all potential loan programs in Overture's Mozart for Special Servicing module to evaluate the borrower's eligibility and provide a "best fit" scenario for the individual's needs, whether it be a refinance, a loan modification, a short sale or other alternative.Â

SigniaDocs' electronic documents are created and posted in the company's electronic vault, and a notification is sent electronically to the borrower. The borrower views the documents online in a secure, Web-based environment, executes them using "click to sign" technology, and the loan modification is complete.Â

The technology enables the modification process to be performed while RCS servicing associates are on the phone with the borrowers, walking them through the process.

 "With e-modifications, we find that 50 percent of consumers close their modified loans the same day they receive them online," says SigniaDocs President Tim Anderson. "Over 80 percent are executed within two business days."

Electronic modifications allow for a cost savings of $127 per loan over paper-based processes, Anderson adds.

SOURCE: SigniaDocs

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