Fiserv enhancements support new streamlined government loan modification programMortgagePress.comFiserv, Home Retention Solutions, foreclosure, Fannie Mae, Home Saver Advance Program, Streamlined Modification Program, Predictive Risk Index Score Modeling
Fiserv Inc., a provider of information technology services to
the financial industry, has announced enhanced capabilities to its
Home Retention Solutions offering that enables financial
institutions to proactively identify and contact troubled borrowers
with customized repayment solutions to try to keep them out of
foreclosure. In addition, Fiserv is supporting programs such as
Fannie Mae's Home Saver Advance Program, which provides an advance
to cover past-due mortgage payments in exchange for a separate,
unsecured loan, and the newly introduced Streamlined Modification
Program, in which borrowers receive reduced interest rates or
longer loan terms to make their payments more affordable.
Among the enhancements developed since the initial launch of
Home Retention Solutions in June 2008 are "one-touch" customer
contact and advanced loss mitigation workflow tools that more fully
automate the loan modification process, including secure electronic
delivery of modification documents to borrowers with an electronic
signature option when available. One-touch contact with borrowers
includes the initial call, best-fit workout workflow, document
preparation and fulfillment. The addition of electronic document
delivery with electronic signature options provides the ability to
finalize the terms of the loan modifications with the borrowers
faster than ever beforein a secure, legally compliant and auditable
workflow. One-touch contact and the electronic fulfillment of the
documents dramatically accelerate the completion of the
modification process, even enabling the process to be completed in
one phone call with the borrower.
"Fiserv is engaging borrowers and minimizing the number of
foreclosures," said Bill Garland, senior vice president, Fiserv
Home Retention Solutions. "The loan modification process is time
sensitive and must be tightly managed. Loan servicers are able to
relieve their capacity constraints with access to Fiserv's
capabilities. Ultimately, we can help make the process of keeping
borrowers in their homes as efficient and streamlined as possible
while relieving capacity of the large volume of modifications."
Fiserv's Home Retention Solutions meets a broad range of needs,
including borrower engagement, analytics and loss mitigation, and
empowers loan servicing specialists with the proper tools. Along
with Fiserv's Predictive Risk Index Score Modeling (PRISM), lenders
can get a glimpse into the extent of the damage the financial
crisis is likely to inflict across their mortgage loan portfolios.
These tools enable lenders, servicers and financial institutions to
proactively identify and contact troubled borrowers with customized
repayment solutions to try to keep them out of foreclosure.
"The depth and breadth of Fiserv's lending solutions has given
us the ability to develop an unmatched set of home retention
management capabilities, and stay on top of the rapidly changing
landscape," said Lee Howlett, president of Fiserv's Fulfillment
Services Division. "Our experience, combined with our resources and
insights, has enabled Fiserv to continually expand and enhance our
service offering. Our one-touch contact and loss mitigation tools
help automate the loan modification process for our customers and
enable them to work directly with borrowers toward a mutually
beneficial result."
A record 1.35 million homes were in foreclosure in the third
quarter, with the number of homes going into foreclosure in 2008 on
track to hit 2.2 million, according to a recent report from the
Mortgage Bankers Association.
For more information, visit www.fiserv.com.
