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Fiserv announces new clients to its vendor management system, GATORS

National Mortgage Professional
Jan 15, 2009

LenderLive Network offering HMP campaign to servicers MorgtagePress.comLenderLive Network Inc., Home Affordable Modification Program, LenderLive Network Inc., a company that provides business process outsourcing and technology to the financial industry, has announced that it has successfully launched the first large-scale Home Affordable Modification Program (HMP) campaign with one of the nation's top four servicers. HMP is part of the recently passed Making Home Affordable program, which will allow up to nine million Americans to refinance or modify their home loans. With this campaign, LenderLive plans to manage all of the inbound and outgoing documents required under HMP, including certain fulfillment processes. "At launch, we anticipate processing nearly 2,000 transactions per day, where success is measured in terms of seconds per transaction," said Rick Seehausen, CEO of LenderLive Network. "HMP is a document preparation- and document management-intensive campaign and also requires thorough customer contact efforts as well as disciplined underwriting practices. These components have been a significant factor in LenderLive emerging as a leading service provider, and for that reason servicers are seeking our help to ensure they can be in full compliance with these new guidelines." Many servicers are required to participate in the program, and in addition to today's launch with a top servicer, LenderLive already has another five servicers in the queue for which they are preparing to initiate services. LenderLive can successfully provide servicers with customer contact services, underwriting review of loans and document preparation through its Guardian Mortgage Documents division. LenderLive is ready to provide any service function related to HMP, such as counseling functions to reach borrowers, determining trial period and modification eligibility, responding to borrower questions about the program as well as what they need to provide in the qualification process and the borrower surveillance calls during the trial period, as mandated by HMP. The company's strength in underwriting will also play a vital role in verifying borrower requirements of the final HMP loan modification. "This is an effort that was spearheaded by President Obama and is one that certain servicers are mandated to offer to consumers," Seehausen continued. "While many of them are not currently prepared to handle the level of borrower contact nor the volume of documents required, we are operationally ready and have the systems and knowledge in place to be successful in these campaigns." Also part of the Making Home Affordable program is the Home Affordable Refinance (HAR) initiative, which is aimed at offering favorable, streamlined refinance terms to current borrowers. In addition to providing outsource solutions to servicers for the HMP, LenderLive is also operational and system ready to manage HAR campaigns for servicers. Both programs leverage the strengths of LenderLive in managing complex document solutions, call center campaigns, loan processing and underwriting review. Guidelines for the Making Home Affordable program, which is part of the Emergency Economic Stabilization Act of 2008, were announced on March 4, 2009. For more information, visit www.lenderlive.com.
Published
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