Another Vendor Enters the Loan Mod Space
Several technology providers like Warren, Mich.-based Five Brothers, a provider of mortgage field service solutions nationwide, are trying to help servicers modify more loans. In this case, Five Brothers has released MOTZ loss mitigation software system to enable mortgage servicers to modify loans according to FDIC or Home Affordable Modification Program (HAMP) regulations.
MOTZ software aggregates transactions to ensure loss mitigation tasks are completed correctly and in a timely manner. The software automates the calculation of Pass Fail Water Fall, the Net Present Value (NPV) of the REO sale for FDIC, the NPV of the loan modification, the NPV of foreclosure, and also provides timely documentation, including cover letters, amortization schedules and loan modification agreements in minutes rather than hours. MOTZ also seamlessly integrates with most mortgage servicing systems, including LPS MSP.
"We saw a gaping hole in the loss mitigation service landscape and we filled it," said Five Brothers' CEO Joe Bada. "Our MOTZ software will not only significantly improve efficiencies in the default management process, it has the potential to revolutionize the industry as a whole." Founded in 1972, Five Brothers is the oldest mortgage field service company in the nation. Five Brothers, based in Warren, Mich., partners with mortgage servicers nationwide to provide customer-focused default management solutions aligned with client's needs and business goals.
Five Brothers' programs include property preservation, inspections, REO management, hazard claims processing, document scanning with automated work-flow services, state-of-the-art loss mitigation software (MOTZ(tm)) - allowing quick and efficient loan modifications according to FDIC and HAMP regulations, as well as a nationwide network of experienced, dedicated field service representatives.