ISGN Announces Pay-Per-Resolution Loss Mitigation Technology

Bensalem, Pennsylvania-based ""ISGN"":http://www.ISGN.com, a provider of core servicing, default management, and origination services and products, has unveiled a new loss mitigation technology that will be available on a pay-per-closed-loan basis.
ISGN explained that the new software, which is currently in beta testing, will allow servicers and servicing divisions to evaluate a pool of loans, customize their evaluation criteria, prioritize those eligible for loan modifications based on risk, and manage the entire loan modification process—all while paying only for the loans that reach successful resolution.
According to ISGN, the software’s default evaluation criteria also align with the Obama administration’s Home Affordable Modification Program (HAMP) and can be customized to coincide with servicers’ unique objectives. It can run concurrent scenarios, so servicers that are participating in the HAMP program can also evaluate loans according to their own specifications.
The web-based technology will be available as either a licensed or a hosted solution. ISGN says the system’s structure is easy to implement and easy to use, enabling servicers to be up and running in as little as two weeks.
Chetan Patel, ISGN’s EVP, said, ""We specifically designed this system to address the pain points that servicers are currently facing. Servicers need relief. They need powerful technologies that can address the backlog of current defaults and delinquencies, as well as the powerful analytics that can prevent future defaults.""
Patel continued, ""We are addressing both of those needs with a solution that analyzes loans at any stage, ranks each loan according to risk, and helps servicers better manage the entire loan modification process—all without charging the user at all until a loan achieves resolution.""
ISGN’s new pay-per-resolution technology will be available in September 2009.