CoreLogic released a Web-based software for mortgage servicers to automate the decisioning and processing of loan modifications.
The automated decisioning software, called IntelliMods, uses customized rules sets and borrower-specific calculations to determine eligibility for government-backed and private-label workout programs.
If a borrower doesn’t meet the requirements from one program, like the Making Home Affordable Modification Program, the servicer can designate an order of additional programs to attempt another workout or to exhaust all available options. The software can be used on individual cases on batch uploads of multiple files. The software also provides an audit trail of this activity for servicers to track their loss mitigation activity.
When a borrower meets the criteria for a workout plan, the software can also generate the necessary documents to create the modification package. The package can be printed and delivered to the servicer, or printed and shipped via FedEx to the borrower. With the FedEx overnight delivery, the borrower also receives a pre-paid return envelope and the software is updated with tracking numbers for both the outbound and inbound packages.
Santa Ana, Calif.-based CoreLogic said it will update the software-as-a-service when there are changes to the requirements for national programs like HAMP.
