ISGN Corporation, a provider of technology products and services, has announced the release of LenStar Plus, a complete workflow solution for managing, automating and streamlining the default process, from initial delinquency, to loss mitigation, loan resolution and even real estate-owned (REO) disposition. The system has a customizable business rules engine and is highly configurable, so servicers have the flexibility to easily adapt to market changes or changing business needs. LenStar Plus interfaces with all major servicing platforms.
In early 2009, the U.S. Treasury Department’s Home Affordable Modification Program (HAMP) put a great deal of focus on loan modifications. In April 2010, the Home Affordable Foreclosure Alternative (HAFA) program shifted much of the industry’s focus to foreclosure alternatives such as short sales and deeds-in-lieu. As the housing market evolves and with the possibility of new government programs, servicers are finding that they need workflow solutions that cover any possible outcome of a delinquent or defaulting loan.
“Servicers’ responsibilities have been in a state of metamorphosis for the past several years and in most cases, their technologies likely haven’t adapted as quickly as the market has evolved,” says Chetan Patel, executive vice president for ISGN. “LenStar Plus gives servicers the ability to manage the full range of tasks and responsibilities that have now become a normal part of doing business as a servicer. They can use one system to manage the entire delinquency or default cycle, whether the loan returns to performing status, participates in government programs, or ultimately results in foreclosure.”
LenStar Plus is fully integrated into ISGN’s LenStar Network, which provides servicers access to lenders and attorneys servicing over 25 percent of the residential loans in the country. A Web-based system, LenStar Plus is scalable, flexible, fully configurable, and provides seamless data transmission to most servicing technologies, so there’s no need to rekey data.
“LenStar Plus really helps to create a win-win solution for both borrowers and servicer,” says Patel. “Borrowers benefit from the customer-centric processes for loan modifications and servicers benefit from a workflow process that covers the full range of outcomes for delinquent and defaulted loans.”
For more information, visit www.ISGN.com.