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Servicers using the XetusOne Loan Management System already exceed the minimum requirements for the Treasury Department's new guideline mandating a single relationship manager for Home Affordable Modification Program (HAMP) borrowers.
[IMAGE]Available via California-based ""Xetus"":http://www.xetus.com, the system provides servicers with compliance through its Web-based Software-as-a-Service (SaaS) platform.
Treasury's relationship-manager stipulation requires servicers to provide a single point-of-contact for the borrower throughout the loss mitigation process - whether for delinquency, imminent default resolution, or other foreclosure alternative - by September 1.
""Fannie Mae"":http://www.fanniemae.com and ""Freddie Mac"":http://www.freddiemac.com have also notified servicers that they will soon implement a single point-of-contact rule for loss mitigation and through the foreclosure process should a loan move to that stage.
""This is a call for action that essentially prescribes effective coordination of communications,"" said Scott Stein, Xetus president and CEO. ""It should finally mean
[COLUMN_BREAK]the end of paper files for tracking borrowers' important, confidential information.""
According to Stein, Xetus anticipated the need for efficient information delivery and included within XetusOne the capability for relationship managers to extract loan information at any time and to conduct cash flow analysis, execute HAMP or 2MP waterfall calculations, and employ NPV tools.
""XetusOne's servicing technology is exactly suited to meet the mandate's requirements - through transparency and collaboration in conjunction with mortgage loan origination, subordination management, and distressed asset modification capabilities,"" Stein said.
XetusOne requires no specific hardware configuration or IT manpower. Internet access and a Web browser are the only requirements. XetusOne also requires no significant upfront investment. Servicers pay for actual use on a per-loan basis with no seat license or maintenance fees.
""Using XetusOne eliminates complaints about being unable to find borrower documents, status, or notes because they are always available through the platform,"" said Ed Berger, president and CEO of ""Midwest Loan Services"":http://www.midwestloanservices.com/ (MLS), a mortgage sub-servicing provider of origination, regulatory compliance, modifications, and collections for several hundred institutions nationwide.
MLS started using XetusOne five years ago to share loan data, including notes, status, and supporting documents throughout the organization and with its business partners. As a result, MLS's risk of data loss is greatly reduced.
""All loan data is housed at Xetus' redundant, secure, SAS-70 Type II-certified data facility,"" Stein said. ""If any MLS computer is ever lost, damaged, or stolen, MLS has not lost any sensitive, proprietary data.""
