LenderLive Teaming Up with PMI.(Special Report)

Denver-LenderLive Network, a business process outsourcing and technology firm, and PMI Mortgage Insurance have formed a joint initiative to provide workout solutions to avert mortgage delinquencies and foreclosures.

"This relationship will create opportunities for more borrowers to stay in their homes," said Rick Seehausen, president and CEO of LenderLive. "We respect the role PMI has in the industry, and we believe this relationship will help each company provide the services their constituencies need."

Mr. Seehausen said LenderLive is building on an existing relationship with PMI. Like other mortgage insurers, he noted that PMI has loss exposure on its portfolio of guaranteed loans.

"Because they are in a position of loss exposure, they are also in a position to mitigate those losses," Mr. Seehausen told MSN.

In today's market, many servicers don't have an origination affiliate or find that their servicing operation is "disjointed" from the origination ARM, creating an opportunity for LenderLive to assist servicers in working to preserve homeownership through refinancing and loan workouts, he said.

"We will work with any customer regardless of their stage of delinquency. However we strongly believe in proactively reaching customers before they are past due or before they are severely past due," Mr. Seehausen said, noting that a borrower's options for preserving homeownership diminish ...