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IBM Now Offers Loan Modification Support.(News)
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.
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