""Retreat Capital Management Group"":http://www.RetreatCapital.com has added a number of new solutions to its offerings that the company says will address servicers' largest obstacles in completing short[IMAGE]sales and modifications under the federal government's foreclosure prevention programs.
Retreat Capital, headquartered in Lake Forest, California, provides loss mitigation and portfolio management products and services to large and mid-size lenders, servicers, asset managers, and investors.
The company announced Wednesday that it has expanded its solution suite with short sale processing and listing solutions that are compatible with the administration's Home Affordable Foreclosure Alternatives program (HAFA) â€" an initiative intended to help homeowners that do not qualify for a federal modification, as well as their servicers, escape the negative effects of foreclosure.
Retreat Capital has also added document pick-up and notary services to its line of services. Securing documents
[COLUMN_BREAK]has been cited as one of the biggest hindrances - if not the biggest hindrance - to converting the Home Affordable Modification Program's (HAMP) 1.2 million trial mods to permanent status. Currently, just over ""116,000 HAMP modifications"":http://dsnews.comarticles/servicers-double-permanent-hamp-mods-2010-02-17 have been transitioned from the trial phase to a permanent restructuring. The low conversion rate has been blamed on missing or lost documents.
""Saxon Mortgage"":http://www.saxononline.com has been using Retreat Capital Management Group's document pick-up notary services to facilitate its loan modification process. The company says Retreat Capital's services have recently proven to reduce delays by providing turn-around times that far surpass the industry average.
To date, 76 percent of Saxon's HAMP modification cases utilizing Retreat Capital's document pick-up service were completed within 45 days. The company's notary services, which are provided by specialists in the mortgage industry, provide similar expedited timeline results, with 86 percent completed within three to four days. Retreat Capital also completes all reporting as required by the Home Mortgage Disclosure Act (HMDA).
""One of the big difficulties with the HAMP program is that servicers are waiting 90 days to six months or even longer to get borrowers' required documents,"" said Arvin Wijay, CEO of Retreat Capital Management Group. ""We have the agility, resources, and nimbleness to respond faster than most lenders and servicers, which is particularly helpful in situations like HAMP modifications, where deadlines are non-negotiable. With our proven results, we're establishing a new industry standard for turnaround times and service levels in picking up and notarizing borrower documents.""