Technology Boosts Loan Mod Success
Who said technology can't enable lenders and servicers to do better loan modifications? Lender Processing Services Inc. reports that Citizens Financial Group has implemented LPS' suite of RediMod solutions to do just that, streamline loan modifications.
As part of RediMod, CFG is leveraging the following LPS solutions: ClosingStream, an e-signature solution, a series of analytics and forecasting tools, including OptiMod to provide the best-fit loan modification recommendations and Mortgage Scores to identify loans most likely to default and the loss severity of those loans, and Proactive Risk Management, a risk management platform that delivers targeted loss mitigation recommendations at any point of borrower interaction.
Wrapped around these solutions are strategic consultants who provide recommendations for improved best practices and more efficient processes. "LPS has woven its Strategic Consulting practice into each step of the modification process, and this, in conjunction with LPS' solutions included in RediMod, is what made LPS the right partner," said Brad Conner, vice chairman of consumer finance at CFG. "We have leveraged LPS' solutions for more than 20 years and are excited to further expand our relationship."
"We developed RediMod to support servicers as they work to modify loans and create other workout solutions for borrowers," said Dan Scheuble, co-chief operating officer of LPS. "We are excited to partner with CFG to implement this complete offering and provide the data, analytics, technology and consulting they need to succeed."