Credit Plus Adds Loss-Mit Service

Credit Plus Inc., Salisbury, Md., is creating a new company, Mortgage Works, which will specialize in loss mitigation products with the goal of allowing lenders to identify potential problem loans in their portfolio before they become an issue. In an interview at the Regional Conference of Mortgage Bankers Associations in Atlantic City, David Wheeler, regional account executive with Credit Plus, said the new company was created after discussions with its lender clients who were looking for a way to identify potential problem borrowers. The program, currently in beta testing, is expected to be released in the second quarter. To identify potential problems he said, the program looks at several factors, not just credit. It will identify refinance opportunities and adjustable-rate mortgage replacement strategies. Recognizing that larger and smaller lenders have different needs in this area, the products offered by Mortgage Works will be customizable. "It is robust enough to accept whatever the lenders needs are," Mr. Wheeler said.