Loss Mitigation

Cincinnati-based Convergys Corporation has announced the immediate availability of its new Convergys Loan Modification Solutions. The company says these solutions leverage live agent assistance; outbound communications via voice, email, or text; and analytics to encourage loan retention and help servicers respond to increasing consumer demand.

NeighborWorks America has boosted funding for foreclosure prevention guidance through its National Foreclosure Mitigation Counseling Program, yet an alarming number of distressed homeowners who have been instructed by advisors to contact their mortgage servicer have had a hard time reaching them or received disappointing resolutions.

Reston, Virginia-based MERSCORP, Inc. (MERS) unveiled a new program on Tuesday that informs borrowers of ownership changes regarding their mortgage. The company says its program supports new federal legislation, which is designed to help homeowners keep their homes by bringing greater transparency and accountability to the mortgage lending process.

Three Texas-based companies – REO Alternatives, Rapid Reporting Verification Company, and SigniaDocs – together with Maryland’s Overture Technologies unveiled plans on Tuesday to offer expedited electronic loan modifications through a collaborative initiative they’ve dubbed the eMortgage System Processing (ESP) program.

Nationstar Mortgage LLC, headquartered in Dallas, Texas, has joined the list of mortgage companies officially under contract to provide federal loan modifications through the government’s Home Affordable Modification program.

Dallas-based MRG Document Technologies (MRG), a provider of mortgage technologies to banks, credit unions, and other lenders, recently announced that Michael O’Leary has joined the company as a senior mortgage consultant.

Freddie Mac announced on Friday that it is instituting several changes to its refinance offering under the Obama administration’s Making Home Affordable program. The McLean, Virginia-based GSE explained that the new relaxed guidelines will make the refinancing option available to a wider scope of borrowers looking for mortgage relief from the government program.

St. Paul, Minnesota’s Securian Financial Group recently unveiled a new debt protection program, Payment Assurance, which cancels or suspends a borrower’s loan payment for up to six months if they lose their income due to involuntary unemployment.

Wells Fargo Home Mortgage is hiring 200 new staff members in the San Antonio, Texas, area to keep up with an increase in loan modification and refinance volumes. The _San Antonio Express-News:http://www.

The Federal Trade Commission (FTC) has initiated rulemaking proceedings to address loan modifications and mortgage servicing. The agency’s Mortgage Assistance Relief Services rulemaking addresses the proliferation of loan modification and foreclosure rescue services in the current economy.