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IBM Now Offers Loan Modification Support.(News)

Mortgage Servicing News

| June 01, 2009 | COPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Anthony Garritano

Armonk, NY-Realizing the need to modify a record number of problem loans and the fact that servicers can't keep up, IBM here has stepped in with a new offering that it hopes will allow mortgage loan servicers to process large volumes of loan modification requests with greater speed, efficiency and accuracy.

IBM's new loan modification offering complements existing processes and programs, enabling loan servicing companies to increase capacity to assist borrowers with loan modification applications without expensive and time-consuming technology upgrades.

"This was a follow-up to our component services approach," said Bruce Jones, vice president in the IBM lender business services group. "We've been studying the industry, talking to clients, talking to the GSEs, etc. Since the announcement of the new program by the Obama administration to keep people in their homes was enacted, volume is coming in.

"Ultimately, the capacity is not there to support this level of activity. We have the capability to support the loan modification service on our platform.

"We can take a feed from the servicing system and offer a few different types of services. We can do some analytics and refresh that borrower information to help find the right program for the borrower, to start. We'd execute the program based on business rules given to us from the client."

A loan modification is a permanent change in one or more of the terms of a loan that allows the loan to be reinstated and results in a payment the borrower can afford. Recent actions by the U.S. government intended to aid challenged homeowners are creating a substantial increase in the volume of loan modification requests.

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Source: HighBeam Research, IBM Now Offers Loan Modification Support.(News)

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