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Companies Join Forces to Provide “Mods in Minutes”

"Intelenet Global Services":http://www.IntelenetGlobal.com and "SigniaDocs Inc.":http://www.SigniaDocs.com have partnered to offer lenders and servicers a scalable eModification solution. The two companies explained thatthis online, real-time approach compresses today's lengthy and arduous loan modification process to identify and collect required documents into a "Mods in Minutes" solution - technology they say could help to overcome some of the biggest obstacles of the government's Home Affordable Modification Program (HAMP) and dramatically improve mod turn-around times.

Intelenet Global Services is an international provider of business process outsourcing services for the mortgage banking industry with U.S. headquarters in Fargo, North Dakota. "SigniaDocs":http://www.SigniaDocs.com, based in Houston, Texas, is a national provider of eMortgage solutions.

Mods in Minutes became a reality using SigniaDocs' Web-based capability that ties in portfolio analysis, loan decisioning, and automated verification technologies to condense the timeframes normally required to create optimal modification scenarios.

With the addition of SigniaDocs' compliant eModification services for eSignatures and eDocuments, the process can literally be completed in minutes, according to Intelenet Global Services. On the other hand, the company says,

without the eModification capability, agreements must be created on paper and sent via courier to borrowers, who often never execute the documents -- resulting in failed mod attempts.

"The HAMP modification program has only reached a small fraction of the distressed borrowers it was intended for," said Robert Guatelli, VP of sales for banking and financial services at Intelenet Global Services. "It is still far short of the Obama administration's goal of helping millions of homeowners that are in danger of losing their homes."

Intelenet Global Services works closely with distressed borrowers as an extension of the lender or servicer's staff, from initial contact to identifying and recommending viable workout options, as well as completion and execution of agreements and documents.

"Using SigniaDocs' eModification, borrowers can execute the documentation immediately and securely online," Guatelli said. "Immediacy is the key, and our loan workout specialists can walk them through the click-to-sign process on the phone. Within minutes the mod can be completed."

Tim Anderson, president of SigniaDocs, notes that Intelenet's expertise in outsourced support services and process automation technology combines with SignaDocs' secure eSigning capability and eModification documents to make the "Mod in Minutes" possible.

"Nearly every servicer I've spoken with has said that their number one challenge is getting documents completed and executed in a timely manner," Anderson said. "With the size of the task at hand, it seems logical to me that strained lenders and servicers would outsource these functions to quickly scale and address the problem, rather than throwing people and paper at the process. From a true cost and efficiency perspective, our partnership with Intelenet Global Services provides a best of both worlds approach."

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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