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To meet the ever-increasing need for successful analysis and evaluation of loss mitigation efforts, loan servicers and
[IMAGE]lenders are embracing online technology. As a result, Denver-based ""Mortgage Cadence, Inc."":http://www.mortgagecadence.com/, a provider of enterprise lending solutions for the financial services industry, has entered into the mortgage servicing technology arena with the introduction of the Loss Mitigation Gateway, a Web-based loss mitigation solution created to streamline the process for lenders and servicers.
""In these tumultuous times, there is an enormous need within the servicing community for rapid and efficient loss mitigation solutions to assist in the modification of troubled mortgages,"" said Trevor Gauthier, VP of marketing at Mortgage Cadence.
According to Gauthier, the Loss Mitigation Gateway fulfills this need by quickly analyzing loans against the required HAMP guidelines and/or other proprietary products and by generating and distributing loan modification packages for qualified loans. The gateway takes what was once a very laborious process and removes the inefficiencies and the inherent risks associated.
Users are provided with real-time pipeline viewing and a variety of workflow paths based on the functional group of the associated user. Upon loan port entry/import, the system validates that the required data is present and reasonable, and the appropriate calculations are then executed. The waterfall calculation determines if the loan qualifies for a HAMP or proprietary modification and establishes what the new loan terms will be for that modification. These results are then displayed for review and approval, and additional information can be collected as needed.
Following the completion and validation of analytics, the Loss Mitigation Gateway generates loan modification document packages while maintaining the appropriate status updates within the pipeline. Users can have the generated document packages securely delivered to borrowers may also elect to have the packages returned to a specific addressor or to a collection center.
Michael Detwiler, CEO of Mortgage Cadence said the gateway is an exciting addition to the Mortgage Cadence suite as it addresses many of the challenges lenders and servicers face surrounding loss mitigation. He said this comprehensive solution provides lenders and servicers with the ability to achieve affordable and sustainable mortgage programs for borrowers while increasing the value of distressed mortgages by re-establishing them into performing loans.
""Our entrance into the loss mitigation space is a manifestation of our continued commitment to our technology platform(s) and the molding necessary to provide our customers with the solutions that they need to create a competitive advantage,"" Detwiler said.
