Prommis Solutions Assists Customers in Streamlining Borrower Outreach and Loss Mitigation Processes
Prommis Solutions LLC, a provider of default processing services, has announced that its subsidiary company, Prommis Homeownership Solutions Inc. has the ability to facilitate approximately 4,000 Home Affordable Modification Program (HAMP) custom and traditional loan modifications each month. For those that fall out of, or do not qualify for the HAMP program, Prommis Homeownership Solutions is capable of completing more than 20,000 short sale solicitations per month for its customers, educating borrowers on the benefits and processes of short sales. The company’s trained loss mitigation staff also generates approximately 100,000 targeted outbound calls each month in support of customers’ modification, short sale and repayment plan programs, including initial contact, as well as follow-up outreach to receive missing information from borrowers. “As both servicers and borrowers seek the most effective method to reduce losses, Prommis Homeownership Solutions uses education to find an agreeable situation for both parties,” said Brandon Barnett, chief operations officer of Prommis Solutions. “In an ever-changing regulatory landscape and with new alternatives being presented on a constant basis, Prommis assists servicers in staying current with the latest loss mitigation strategies, as well as informing borrowers of the most up-to-date options for avoiding foreclosure. By streamlining borrower outreach and processes such as short sale transactions and modifications, lenders are moving towards a gradual market revival.” The loss mitigation teams at Prommis work directly with clients and their borrowers to solicit, facilitate and execute a variety of programs, including HAMP, Homeowners Affordability and Stability Plan (HASP) waterfall analyses, repayment plans, Fannie Mae’s HomeSaver Advance, partial claims, short sales, deeds-in-lieu of foreclosure and bankruptcy loss mitigation. To ensure consistent communication, the company developed a customized Web site that gives homeowners 24/7 access to their file status, as well as the ability to upload information and documents, alleviating the need to fax or mail confidential information. For more information, visit www.prommis.com.