Bethesda, Maryland's ""Overture Technologies"":http://www.OvertureCorp.com, a provider of decisioning solutions for mortgage lending, and ""Residential Credit Solutions, Inc."":http://www.ResidentialCredit.com (RCS), a Fort Worth, Texas-based mortgage servicing company, announced on Monday that RCS will implement Overture's Mozart for Special Servicing to identify optimal workout options for delinquent borrowers.
RCS, a Standard & Poor’s ""Select Servicer"" of residential loans and subprime mortgages, said it identified the need to automate underwriting support for home retention strategies, including refinance and loan modification alternatives, that require qualification of the borrower. Working with Overture, RCS was able to customize decisioning technology using its proprietary market information, loss mitigation strategies, and business processes. RCS said it will use the customized version of Mozart for Special Servicing to support its efforts to keep borrowers in their homes through its high-touch servicing platform and loss mitigation expertise.
Founded in 2006 in anticipation of the current mortgage crisis, Residential Credit Solutions is a licensed, integrated mortgage investment and servicing company, focused on providing investment capital, servicing capacity, and loss mitigation expertise to ""credit-sensitive, servicing-intensive residential mortgage assets."" RCS utilizes its servicing platform to deliver loss mitigation solutions for both delinquent and at-risk borrowers.
Dennis Stowe, president of RCS, said, ""Each distressed borrower’s situation is unique and a variety of factors must be considered to develop the appropriate loss mitigation strategy. By automating a segment of the decisioning process, the Overture solution allows us to be more responsive to the borrowers and keep more people in their homes.""
Overture explained that its decisioning technology enables ""transparent, consistent, and responsive lending processes."" The company's Mozart for Special Servicing is an automated decisioning system for servicing distressed mortgage assets, using proprietary analytics to get borrowers into the right option the first time, and reducing re-defaults by using current and relevant data about the borrower, the property, and the loan. According to Overture, Mozart for Special Servicing addresses the unprecedented volume of delinquent mortgages in the country today, as well as the increasing complexities for modifying loans and mitigating financial losses using a ""highly effective, one-loan-at-a-time approach.""
Linda Simmons, Overture’s general manager for mortgage finance solutions, explained, ""Getting the borrower into the right option the first time is very important in saving these loans from foreclosure. Finding the right modification or other alternative used to be a long, laborious process, causing many loans to be lost before a solution could be agreed upon.""
Simmons continued, ""Mozart for Special Servicing allows servicers to manage and successfully apply a more robust set of alternatives for borrowers in distressed mortgages in minutes, and while the borrower is still on the phone, the servicing associate can offer a modification that makes sense for both parties, one that can vastly reduce the chances of re-default and will preserve the value of the mortgage asset.""