Speeding Up Foreclosures With Technology
With the spate of defaults expected to rise next year, not every homeowner can be saved with a modification or a refinance, no matter what Washington says. So, foreclosures will increase and lenders need to get those assets off their books as quickly as possible. That's where technology can and is helping.
For example, the Massachusetts Division of Banks (DOB), in collaboration with MERS, has enhanced the state's Foreclosure Petition Database to enable partial data entry and information integration with the existing MERS System. The new system functionality will make the submission of foreclosure petitions and sale data an easier process by allowing lenders to enter either a federal tax identification number or a MERS organization ID number when completing the user account registration. This new process will streamline data entry and information gathering for lenders, servicers and attorneys. Once loan holders or their filers finalize the DOB/MERS registration process, the implementation of this system link will significantly reduce the filing time and staff resources needed by lenders when entering loan and property information.
The modifications were added as a response to requiring another identifying number for lenders beyond the previously mandatory federal tax ID number.