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Visionet Upgrades VisiRetention Solution for HUD’s H4H Program

Cranbury, New Jersey-based ""Visionet"":http://www.visionetsystems.com announced today that it is offering an updated version of its VisiRetention solution to facilitate refinancing through the ""Department of Housing and Urban Development's"":http://www.hud.gov (HUDxs) Hope for Homeowners (H4H) program. VisiRetention was first made available during the re-financing boom of 2005. VisiRetention can be up-and-running in a clientxs environment in just four to six weeks, the company said.
On October 1, 2008, HUD issued requirements for the ""H4H refinancing option"":http://dsnews.comview_story.cfmxid=2970, a program created by Congress under the Housing and Economic Recovery Act of 2008. The H4H program is designed to help mortgage borrowers at risk of default and foreclosure refinance into more affordable and sustainable loans, while allowing lenders to recover as much as 90 percent of the property's current value.
Mortgage lenders and investors need intelligent refinancing campaigns to effectively identify borrowers and help them through the H4H program, Visionet says. The key to success involves proactively and quickly targeting troubled homeowners that qualify for the program to promote home retention and reduce further damage to the lender's portfolio. The company's VisiRetention determines the borrowerxs eligibility for the program by utilizing workflow and rules-based technology, thus reducing the setup and re-financing execution time. It has state-of-the-art mechanisms to collect relevant data from multiple systems and create a single version of the truth for rapid and accurate action, Visionet explained.
%{=FONT-STYLE: italic; TEXT-DECORATION: underline}Some key product features of VisiRetention include:%
- Replaces the current ad hoc procedures used by most mortgage banks with a systematic, well thought out technology driven process. The system also provides a structured database for analytical decisions and planning.
- Provides the ability to identify and group prospective borrowers from the total portfolio population into distinct customer segments for refinancing through user configurable pre-defined campaign parameters and business rules.
- Offers flexibility in conducting campaign analysis, preparation, and execution. It also provides relevant status reports, automated generation of e-mail notifications, and escalation of tasks resulting in improved tracking and process efficiency.
- Allows users to lock and schedule campaigns and create necessary data files for origination or loan modification systems.
xWe know the mortgage industry needs a robust re-fi product that can be quickly set up to deliver immediate results,x said Arshad Masood, president of Visionet. xThe Visionet team has designed a best-of-breed, scalable workflow solution that will assist banks in improving this tedious and time consuming task. VisiRetention makes foreclosure prevention a streamlined and structured process.x

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

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