Fidelity Releases Web-Based Loan Workout Tool
With a universal mandate to work out thousands of loans, lenders are desperately looking to technology for help. Fidelity National Information Services Inc. has built a new Web-based loan-modification and electronic-signature utility for its ClosingStream e-mortgage technology platform.
The system, built specially for an unnamed FIS bank partner, is designed "to help lenders save money by limiting adjustable-rate mortgage reset servicing costs, while reducing the loan-modification and electronic-signature timeframe from the typical eight to 10 days down to as little as a matter of minutes."
The ClosingStream loan-modification and electronic-signature solution is available in a service model or as a private-label application. "Customers are able to conveniently e-sign documents virtually anywhere, anytime - at home, at the office or on vacation," said Ron Frazier, president of the LSI division of FIS.
"The e-sign feature provides benefits to both the customer and lender by providing an effective and efficient method to present, review and sign most document types. By using our technology, most documents are signed within hours, sometimes minutes vs. the days that it traditionally takes."
"It's specifically designed for changes in interest rate only that do not have to be notarized or recorded," said Al Verkuylen, chief strategy officer for the LSI division. He told MSN the results thus far have confirmed that workout agreements previously mailed out to consumers that formerly would take seven to 10 days to get back "are being signed the same day 50% of the time and within two days 80% of the time."
He said the new loan modification utility has made significant workflow improvements because "lenders can upload documents from a computer desktop or by fax cover sheet."
From a consumer-experience perspective, he said the improvement has been phenomenal. "Consumers can come online, view the document and come back two days later, click to sign it online. We can provide the lender a copy and an audit trail, and provide the consumer a signed copy, all from the website." (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/