Sperlonga Data and Analytics says it has expanded its service for monitoring past-due homeowners association (HOA) fees with the release of Life of Loan Association Surveillance (LOLAS).
This offering, which Sperlonga previously marketed as a subscription service, helps mortgage lenders and servicers reduce risks by alerting them when borrowers fall behind on their HOA fees. When new loans are originated or modifications are made, Sperlonga provides a form to execute with the borrower that allows Sperlonga to communicate directly with the HOA. LOLAS then monitors monthly payments and notifies the servicer when payments are missed.
The company says LOLAS complements Sperlonga's Delinquency Check, which spot-checks files to make borrowers are not severely delinquent on HOA payments prior to a loan modification or short sale.
‘When you know that there is an HOA involved in the loan and there are delinquent payments that can create problems with title, loan mods, short sales and remarketing efforts, clarity is necessary to help all parties make informed decisions,’ says Matt Martin, chairman of Sperlonga.