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.
