ISGN Helps Servicers Handle Overload
Bensalem, PA-With the emphasis on default and workouts, servicers are overworked and looking to outsource. Sensing this need, technology provider ISGN has continued to flesh out its servicing tools to be that preferred outsourcing partner.
For example, ISGN has launched the ISGN DLS (default and loan servicing) group, a division that provides lenders and servicers with the full range of services associated with preventing loss among the loans they are servicing. The ISGN DLS group, which provides servicers and lenders with loan analyses, best-execution scenarios and predictive evaluations for serviced loans, is staffed by industry experts with an average of 15 years experience in mortgage lending and servicing.
Among the services provided by the ISGN DLS group are portfolio analytics, borrower outreach and follow-up, fulfillment of modification packages, document imaging and transparent end-to-end customer service. "With the massive number of loans currently in default and at risk of default over the next year or two, it's critical for servicers and lenders to act quickly if they want to curtail or reduce losses," said Matt Kilboy, SVP of ISGN's DLS Services. "The challenge is that most servicers and servicing divisions lack the resources to conduct the type of analyses they need to effectively prevent their loans from going into foreclosure. The ISGN DLS group solves that issue by providing evaluation of current and defaulted loans, as well as best-execution loss mitigation strategies."
Further extending its end-to-end services offering, the launch of the ISGN DLS group gives lenders and servicers one more critical solution by providing the full range of default and loan servicing activities, including loan modifications, partial claims, repayment plans, short sales, forbearance deed-in-lieu, custom workouts, payment plan monitoring and due diligence reviews. The group was designed to alleviate the challenge of staffing for specialized and segmented work activities by completely managing a lender's portfolio and assuming all of the post modification activities, including doc prep, mailing, closing and recording.
And to align the technology with the individual servicer's propensity to pay for these services, ISGN's new loss mitigation technology is available on a pay-per-closed-loan basis. The software, which is currently in beta testing, will allow servicers to evaluate a pool of loans, customize their evaluation criteria based on their own objectives, prioritize those eligible for loan modifications based on risk, manage the entire modification process, and much more - all while paying only for the loans that reach successful resolution. The Web-based tool will be available as either a licensed or a hosted solution applicable in as little as two weeks. The software's default evaluation criteria align with the government's Home Affordable Modification Program, and the system can be customized for servicers' unique objectives. It can run concurrent scenarios, so servicers that are participating in the HAMP program can also evaluate loans according to their own specifications.
"We specifically designed this system to address the pain points that servicers are currently facing," said Chaten Patel, executive vice president for ISGN. "Servicers need relief. They need powerful technologies that can address the backlog of current defaults and delinquencies, as well as the powerful analytics that can prevent future defaults. We are addressing both of those needs with a solution that analyzes loans at any stage, ranks each loan according to risk, and helps servicers better manage the entire loan modification process."