Clayton, Experian Create an Alliance
Clayton Holdings, a provider of due diligence, surveillance and special servicing for Wall Street, banks and investors, has entered an agreement with Experian, a global information services company, to provide analytics and outsourcing services to the mortgage and securitization industries to improve transparency, predictability and loss mitigation.
The cooperation will leverage Experian's data assets and predictive analytics, currently relied upon in the primary markets, to assess and mitigate risk in the secondary market. The first anticipated offering will enable loan servicers to more efficiently manage the growing challenge of loan modifications. The offering is designed to help servicers determine borrower eligibility for the rate-freeze modifications recommended under the plan proposed by Treasury secretary Henry Paulson and the ASF.
"The Paulson/ASF program sets a high hurdle for large subprime servicers. In 2008, servicers will have to quickly assess credit scores, payment histories, income and loan-to-value for millions of subprime borrowers and sort them into three groups: rate freeze, refinance and loss mitigation," said Clayton chairman and CEO Frank Filipps. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/