Lender Processing Services Inc. (LPS), a provider of integrated technology and services to the mortgage and real estate industries, announced the release of ClosingStream 2.0, a Web-based, consumer-facing workflow application with eSignature capabilities specifically designed to support the Home Affordable Modification Program (HAMP). LPS' ClosingStream is currently the only solution available that complies with Fannie Mae's business requirements for HAMP Electronic Signature Solutions, which were published on Sept. 25, 2009. In this document, Fannie Mae details the requirements an electronic signature solution must offer to support eHAMP. ClosingStream 2.0 delivers all of the necessary functionality, which includes document generation, document formatting and document fulfillment/execution.
"With HAMP modification volumes on the rise, servicers are looking for ways to electronically streamline the process and lower costs," said Al Verkuylen, chief strategy officer at LSI, a division of Lender Processing Services. "ClosingStream 2.0 is an interactive, consumer-friendly portal, providing servicers with impressive efficiency gains when processing HAMP and other loan modifications."
ClosingStream 2.0 facilitates an end-to-end, easy-to-track approach for loan modifications. It supports eDelivery and eSigning of borrower qualification documents, trial plan and modification agreements. As a result, ClosingStream 2.0 users can expect significant productivity gains when deploying this eHAMP solution. Case studies have demonstrated that the time between loan modification creation and e-signing is significantly reduced, making same-day closings possible. Additionally, document execution and delivery errors are reduced by approximately 90 percent and servicers benefit from a significant reduction in expenses related to postage and resources. Further, ClosingStream 2.0 improves modification pull-through rates, helping reduce unnecessary foreclosures.
"While ClosingStream 2.0 provides servicers with important efficiency gains in the HAMP modification process, borrowers realize significant benefits as well. They can conveniently upload qualification documentation, e-sign program documents and receive executed documents electronically," said Ron Frazier, president of LPS' LSI division. "This ease-of-use feature reflects the win-win nature of ClosingStream 2.0 for both servicers and borrowers."
For more information, visit LPSvcs.com.