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Extension of comment period for proposed amendments to Regulation Z

National Mortgage Professional
Dec 21, 2008

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.
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