Prommis Solutions and Radian partner on loss mitigation program

Prommis Solutions and Radian partner on loss mitigation program

July 2, 2009

Prommis Solutions, a nationwide Business Process Outsourcing (BPO) provider of default processing services for law firms and trustees, and loss mitigation fulfillment services to mortgage servicers, investors and insurers, announced its partnership with Philadelphia-based, Radian Guaranty Inc., a provider of private mortgage insurance and related risk management products and services to mortgage lenders nationwide, to offer assistance to thousands of Americans who are in jeopardy of losing their homes through foreclosure. In the month of May alone, Prommis reached out to more than 4,600 homeowners whose mortgages are insured with Radian. Through a combination of loan modifications and forbearance plans, Prommis and Radian expect to help thousands of families over the next several years to maintain their homeownership.
Recognizing that one of the largest obstacles to overcome in most loss mitigation programs is establishing contact with the borrowers, Prommis is facilitating communication between the lender/servicer and the borrower through mailings and outbound calling campaigns, and through diligent follow-up efforts, ensuring that as many homeowners as possible have the opportunity to receive assistance.
“It is paramount that as a mortgage solution provider, we join forces with a company like Radian to help prevent foreclosures and proactively turn the mortgage industry crisis around,” said Brandon Barnett, chief operations officer for Prommis. “The response to the campaign is positive. We have received a high volume of inbound calls that have resulted in completed financial packages. When homeowners keep their homes, that’s a real success for us, a win-win for all.”
Radian is involved in the Homeowner Affordability and Stability Plan (HASP), a comprehensive strategy to get the economy back on track. The plan will help millions of homeowners restructure or refinance their mortgages to avoid foreclosure.
“Radian’s goal is to preserve the dream of homeownership for borrowers. By partnering with Prommis Solutions, Radian is able to expand our outreach efforts and assist even more homeowners,” said Camillo Melchiorre, senior vice president of Loss Mitigation at Radian. “One homeowner at a time, we hope our combined efforts reduce the numbers of foreclosures nationwide and help provide some stability in this volatile market.”
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Residential, Settlement, Trends