First American Outsourcing and Technology Solutions (FAOTS) has upgraded the loss mitigation module of its VendorScape platform, that is considered to support the Home Affordability Modification Program (HMP). The module uses rules-based interview, financial analysis and embedded HMP business rules to enable loss mitigation specialists to walk borrowers through the modification process.
The module comprises an integrated modification plan schedule, step-rate schedule and Home Affordable Modification Calculator, to perform correct run rate and term and principal forbearance waterfall calculations. First American said that it has also added a private-label borrower Web portal to give lenders additional loss mitigation capacity, and provide borrowers with new options to work through appropriate loan modification or loss mitigation scenarios. The portal gives servicers an additional, automated channel they can use to communicate with borrowers, gather information and deliver outbound offers at any time.
Scott Brinkley, senior vice president at FAOTS said: “Our new enhancements embed the HMP business rules into our loss mitigation platform and deliver new tools for servicers as well as connectivity to other vendors required to execute these modifications. These solutions give servicers the ability to accelerate alternative workout paths, because borrowers who do not qualify may continue the process with the same processor in the same system. Our new portal also removes some of the anxiety from the loan modification process and encourages borrowers to ask for help earlier.”
FAOTS, a member of The First American Corporation family of companies, offers business outsourcing solutions.
