WKFS Creates Loan-Mod Program for B&C Loans
Wolters Kluwer Financial Services is offering to help mortgage servicers modify the loans of distressed subprime borrowers who face onerous rate resets.
WKFS, a provider of compliance, content and technology solutions to the industry, says it can help servicers modify loans rapidly with a standard but customizable set of documents and packages that let servicers freeze the interest rate of their borrowers' existing ARMs for a specified period or convert those ARM loans to fixed-rate or interest-only loans.
The company said it can provide secure electronic delivery of completed document packages to borrowers and all other parties, including electronic signature capabilities for the borrower's acceptance.
WKFS noted that a congressional economic committee estimates that about 1.5 million ARMs are expected to reset to higher interest rates in 2008, creating a need for servicers to adopt quick loan modification practices. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/