Pegasystems Inc. has unveiled a new solution that enables mortgage servicers to address the urgent industry need to streamline loss mitigation operations, comply with increasing regulatory reform and government-sponsored programs such as Home Affordable Modification Program (HAMP). The new Loan Loss Mitigation Solution leverages advanced BPM technology, successful client loan modification implementations and lending-specific case management capabilities to dramatically reduce servicers' costs across a broad spectrum of loss mitigation programs; it is available immediately.
The Loan Loss Mitigation Solution, powered by Pegasystems' Build for Change BPM technology, allows servicers to rapidly deploy and change their systems. This creates more transparency, accuracy and quicker processing capabilities across the spectrum of loss mitigation programs (i.e. modification, short sales, deeds-in-lieu of foreclosure and foreclosure). Whether for government-sponsored or servicer-designed programs, the solution's intelligent case management capability controls document and data management for end-to-end efficiency (all activities are controlled, tracked and viewed in a single case). At any given point, borrowers, financial counselors and loss mitigation specialists can see the status of a loss mitigation case with a single click.
"The rules and regulations in the lending industry have changed, and will likely continue to change," said Tony Young, principal, financial services industry solutions, Pegasystems. "Mortgage servicers need technology that allows them to quickly adapt to meet new and changing programs' requirements, so that they can continue to deliver high-quality customer service while reducing operating costs and mitigating losses."
Customers using the solution have already improved mitigation throughput by up to 150 percent. One top four mortgage servicer quickly deployed its solution in only 89 days. The same large-scale servicer has virtually eliminated errors and workarounds, and reduced training times by approximately 60 percent.
The Loan Loss Mitigation Solution provides a myriad of features that dynamically support mortgage servicing requirements, such as:
►Integrated document and data management: This capability guides knowledge workers through assigned tasks in working with documentation and data to keep them in sync. Tracking the receipt and verification of key documents while using service level agreements (SLAs) to automatically generate reminder correspondence with borrowers, or to prompt worker actions, allows the framework to improve productivity and eliminate errors.
►Loss mitigation program configuration wizard: This enables business analysts to easily add and configure new programs directly into the application whether they're government, investor- or bank-sponsored, and to rapidly modify eligibility rules for existing programs.
►Simultaneously pursuing multiple loss mitigation programs: Multiple, distinct mitigation programs may be pursued for the borrower at the same time, with all programs tracked within the same parent "case," allowing clients to manage mitigation holistically and minimize portfolio losses.
►Pegasystems' SmartBPM platform: Contains a number of world-class case management and intelligent process automation for end-to-end visibility, control and work automation such as robust work management, service level management, audit trails, guided end-user processing, automated correspondence, document management, and unified rules engine for decision support. Highly agile, business-friendly technology and design studio allows organizations to rapidly adapt to changing market conditions and regulations.
For more information, visit www.pega.com.