IMS Helps Servicers
Houston-As servicers continue to feel the pinch of the market, overloaded with defaults, Integrated Mortgage Solutions here has launched Asset Disposition and Management Services to help servicers handle loss mitigation tasks on an outsource basis.
IMS will continue its loss mitigation services including skip tracing, door-knocker, inspections and preservation, as well as its borrower outreach call center and short sale service. The IMS call center is also geared to assist lenders and servicers with the new Streamlined Loan Modification Program launched last month by the Treasury Department, Federal Housing Finance Agency, Department of Housing and Urban Development, and Hope Now.
"Servicers are having a hard time keeping up with volume to prevent foreclosures," said Cheryl Lang, president of IMS. "People can't get through to the servicer. If they do they get different people every time. There's no consistency. We want to help servicers get over that hump.
"We'll have staff certified to talk to borrowers. We can send out loan-mod packages. We have a network of Realtors to help borrowers reach out to them to do short sales. They can pick and choose which services they want or they can use all of them."
As financial and housing markets have continued to decline, more than 1.5 million homes were in foreclosure at the end of June 2008, a number expected to rise steeply through 2009. ADAM provides the lender with experienced asset managers in conjunction with IMS' Web-based technology platform to customize a loss mitigation outreach and short-sale approach based on the lender's business model and manages the end-to-end processes. Its short-sale model is designed to expedite the closing process.
Of course this new undertaking has prompted IMS to take on new staff and be prepared to expand further in the future. "We have a second Houston site," pointed out Ms. Lang. "We meet fair debt collection requirements. We have a team there prepared to talk with borrowers. It's non-threatening. We're a third party trying to help the borrower. We also have room to expand further.
"We'll offer an avenue where clients can outsource to us in a seamless manner vs. just throwing bodies at this. The client can either give us the data directly or give us access to their system."
In terms of overall market recovery, Ms. Lang doesn't see light at the end of the tunnel just yet. "We've finally admitted that we're in a recession. I talk to borrowers everyday that have lost their job or have taken a cut in pay. I don't see this going away."