Moving Toward Full and Hybrid E-Mods

More and more vendors are realizing the benefits of offering electronic modifications to servicers. As a result, full and hybrid e-mod technology is becoming more available.

For example, MOS Group, Irvine, Cal., has launched E-Z Mod, a proprietary loan modification workflow management and tracking system specifically designed to solve many of the industry's biggest obstacles to efficiently completing loan modifications. MOS Group developed E-Z Mod based on its experience working with over 100,000 borrower cases since the launch of the Home Affordability Modification Program this spring.

E-Z Mod increases loan level transparency on the status of each document, streamlines file tracking and communication, and keeps all staff members on a targeted workflow track to achieve the goal of completing full loan packages for MOS Group clients. With E-Z Mod, authorized users from MOS Group's disparate divisions can manage and track each and every document in real-time throughout the entire workflow process. The system alerts end users on next steps, provides detailed status updates that include outstanding items and explanations, and allows easy access to every document received by each borrower. E-Z Mod is currently being used for HAMP modifications as well as for investor-specific programs. "One of the biggest challenges we have seen within the HAMP program has been getting borrowers to return the required documents accurately and in a timely manner, and E-Z Mod was created to address that very issue," says Greg Hebner, president of MOS Group. "By leveraging this unique technology, MOS Group can help servicers streamline their processes and support the Treasury Department's goals of assisting as many American borrowers as possible. With E-Z Mod, we can help our clients substantially increase their modification completion percentage while reducing the costs resulting from repeated, excessive and now unnecessary borrower contact on the same loan file.

"With the large number of documents required for a full HAMP package and the specific underwriting guidelines needed to meet Treasury Department guidelines, we knew the effective use of technology was a key element for success," added Mr. Hebner. "With this level of access to information, what took four, five or even ten or 12 phone calls in the past, can often be handled in one or two calls to the borrower. That not only increases efficiency, but also significantly improves the borrower overall experience as well."