WKFS Combats Growing Foreclosures With Online Resource
To help U.S. mortgage investors and servicers halt a skyrocketing number of foreclosures, Wolters Kluwer Financial Services has launched the company's Loss Mitigation Resource Center. The online portal serves as a gateway for investors, lenders and servicers to access detailed information that can help them build and strengthen their loss mitigation programs.
In May, the Mortgage Bankers Association reported that a record 12% of U.S. homeowners with a home loan fell behind on their payments in the first quarter of 2009. In response to this growing crisis, banking regulators have encouraged servicers to modify loans for troubled borrowers whenever possible. The federal government has responded as well with the Making Home Affordable and HOPE for Homeowners (H4H) programs that offer institutions financial incentives for modifying loans based on a borrower's ability to repay.
By visiting Wolters Kluwer Financial Services' Loss Mitigation Resource Center, lenders and servicers can gain an in-depth understanding of the government's foreclosure relief plans and learn how to create loan modification programs specific to the needs of borrowers. The online portal's content includes free access to numerous articles, videos and Web links that lead to additional sources of information on government and regulator websites. Wolters Kluwer Financial Services has also made its suite of loss mitigation solutions available separately through the Resource Center. These can help lenders and servicers begin modifying loans. The suite includes settlement services, a library of compliance documents, disclosures, and consumer education materials as well as an automated document preparation and secure electronic delivery solution and outsourced business processing services.
"Aggregating and deciphering the complex and changing requirements behind the government's foreclosure relief programs typically calls for more resources than the majority of lenders and servicers have available," said Jason Marx, vice president and general manager, mortgage, for Wolters Kluwer Financial Services. "Our Loss Mitigation Resource Center provides them with the information and solutions they need to quickly analyze and develop a compliant loss mitigation strategy and efficiently manage rising loan modification volumes."