Sterling Launches Loss Mitigation System

""Sterling Technology Solutions"":http://www.SterlingTechSolutions.com, a Florida-based provider of default technology and home retention services, announced the rollout of its new flagship loss mitigation system on Monday. The company explained that it allows servicers to quickly implement loan modifications and other home retention strategies, even at high volumes.
Sterling’s new loss mitigation system - TouchPoint - is a web-based platform that delivers both government-defined and customized investor loan modification solutions. And, it allows servicers and investors to view portfolio progress and key performance measures in real-time.
According to Sterling, TouchPoint increases capacity and fills many of the gaps that make it difficult for servicers and investors to meet the challenges of the current delinquency crisis, including the fulfillment of President Obama’s Home Affordable Modification Program (HMP). The company says TouchPoint simplifies the process by providing workout calculations, up-to-date compliance, quality controls, borrower-facing portals, and real-time reporting. It also enables refinancing capabilities, which Sterling says is an important feature because today’s servicing systems were never designed to meet the rigors of the current market.
The technology can be integrated with lenders’ servicing platforms. Its accelerated implementation is another key advantage given the immediacy of the foreclosure crisis, Sterling explained. TouchPoint is designed to be up and running in less than 30 days.
While officially launched this week, the company says its TouchPoint platform has proven itself over recent months by processing thousands of loan modifications for some of the nation’s top 20 servicers and investors. According to Sterling, with the TouchPoint application, loan resolution specialists have achieved ""right party contact"" rates and workout resolution rates that significantly outperform industry averages.
Sterling Technology Solutions CEO Ron Morgan, said, ""The vast majority of technology solutions out there were not designed to deal with the volume and complexity of today’s default crisis. Unlike other systems, hastily cobbled together to fulfill the Obama plan, TouchPoint is the industry’s first web-based solution already driving exceptional, scalable results on HMP to give servicers instant relief.""
Morgan argues that many technology providers are trying to perform loan modifications by adapting technology originally designed for loan originations. ""These systems lack the necessary workflow, the economic modeling, the workout scenarios, the web portals, the calculators, and, most importantly, the intellectual capital,"" he explained.
According to Morgan, to get the job done right, servicers need the right tools, and he says those tools include scalability, security, speed, and next-generation architecture.
""The true end-to-end loss mitigation capability is of great value to servicers, investors, and mortgage insurers of all sizes, particularly with the millions of loans needing attention over the coming months,"" Morgan said.
Morgan points out that the delinquency and foreclosure crisis is expected to be with us for several years, which is about the time normally required to construct a software solution to handle a problem of this magnitude. Sterling says it anticipated the need for this solution back in 2007 when it began architecting TouchPoint.