CT Lien Solutions, a Wolters Kluwer business and the most comprehensive filing, public record search, and portfolio management service provider nationwide, has announced the availability of its suite of recordation, filing and settlement services for loan modifications. Combined with sister company Wolters Kluwer Financial Services’ suite of compliance analytics, documentation and fulfillment services, CT Lien Solutions provides a comprehensive offering to help servicers meet the requirements surrounding various loan modification programs including the government’s Home Affordability Refinance Program (HARP), Home Affordable Modification Program (HAMP) and HOPE for Homeowners program, as well as Freddie Mac, Fannie Mae, Treasury and Department of Housing and Urban Development guidelines.
During the past 18 months, economic conditions in the U.S. have put a particular strain on the mortgage industry with record-high levels of property foreclosures across the country. As this trend continues, loan modification (restructuring of borrower loan agreements) is becoming an increasingly popular strategy for making loans more flexible and less susceptible to default. For example, government-sponsored entities such as Fannie Mae and Freddy Mac are now required to make it an available option on every mortgage loan they issue.
While loan modification is widely seen beneficial to all parties, the mortgage industry has become overburdened with an abundance of claims. In addition, entities that process these types of loans need to quickly assess each loan modification’s economic viability and determine which specific changes to apply, including interest rates, loan terms, amortizations terms and loan balances.
CT Lien Solutions’ suite of recordation, filing and settlement services help loan servicers manage these arduous tasks, including the increased volumes and assessments required by loan modifications. From an in-depth assessment of current recording and settlement services processes to the implementation of appropriate action plans, CT Lien Solutions helps each firm expertly manage compliance, customer service and make the recording and settlement services process significantly more efficient and profitable.
Clients can choose to utilize individual services to fill in the gaps of existing procedures, or adopt a complete turn-key solution. The following are a sampling of the tools available with the suite:
► Recording services: Accurate documentation of loan modifications by recording requirements per jurisdiction.
IOwners and Encumbrance Report that provides current owner and all liens/encumbrances against the property.
► Mortgage search scoring and grading capabilities: Services to aid in the process of quickly reviewing and evaluating specific mortgage search reports for clients.
► Title policies and mortgage priority guarantee products
► Appraisal products
► Automated valuation models (AVMs)
► Document tracking and imaging capabilities
► Call center solutions and national notary services: Document delivery and increased return rates
“With loan modifications, refinances and foreclosure sales projected to rise over the next several years, mortgage lenders and servicers are re-evaluating the effectiveness of their staffing levels and procedures to handle these unique volumes,” said Gene Lasky, vice president and general manager, CT Lien Solutions. “We provide an unprecedented level of consultative support through each step of the recordation, filing and settlement services processes, enabling cost-effective and customized procedures that ensure compliance with key government regulations and industry-leading customer service standards.”
For more information, visit www.ctliensolutions.com.