Xetus has announced the addition of a new module to XetusOne, a Web-based loan management platform. The new features enable lenders to analyze risk and mitigate losses when making decisions on loan modifications and HELOC extensions. Lenders’ need for these unique capabilities is urgent, as they experience an unprecedented number of loan modification requests from borrowers in need of payment relief. This growing trend is expected to persist for at least the next three to five years as depressed home values, high unemployment rates, and tightened credit conditions continue to linger.
According to estimates, more than $1 trillion of ARMs will reset from 2010 to 2012. Bank of America added 24,000 borrowers to its ranks of Home Affordable Mortgage Program (HAMP) loan modifications in April--a figure that doubled the company’s previous all-time high from one month earlier.
“With this new module, clients continue to receive the superior, collaborative qualities of XetusOne’s framework," said Scott Stein, Xetus’ vice president of sales and marketing. "Its expanded risk analysis features are unique because they give lenders the tools to efficiently restructure debt and modify loans—including standard modifications, HAMP and 2MP modifications, and HELOC extensions."
Moreover, because the new capabilities are available as a standalone application, any lender not already using XetusOne can utilize just this specific set of features on a per-loan pricing basis.
The addition of XetusOne to a lender’s existing workflow requires little effort because XetusOne’s SaaS capability allows the lender to access the service through an Internet browser. “Lenders have immediate access to XetusOne because there is no special software to install or maintain,” said Stein. “They are immediately able to turn what is typically a very paper-intensive process into a paperless one.”
XetusOne’s architecture allows straightforward integration with the lender’s legacy servicing platform, providing the data to be used by XetusOne in making its determinations. These automatic determinations allow effortless re-examinations of financial risk, minimizing exposure in a fluctuating market by identifying situations where either a short-term or long-term modification makes sense.
For more information, visit www.xetus.com.