Excerpt from: Overture News
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| January 22, 2009 | | Mozart for Special Servicing Speeds Servicing of Distressed Mortgages, Reduces Repeat Default Rates, Improves Transparency | Overture Technologies announced
today the launch of Mozart for Special Servicing, an automated decisioning system for servicing
distressed mortgage assets. Mozart for Special Servicing is designed to address the
unprecedented volume of delinquent mortgages in the U.S. today as well as the increasing
complexities in modifying loans and mitigating financial losses due to foreclosure. Mozart for
Special Servicing allows servicers to manage and successfully apply a more robust set of
alternatives to borrowers in distressed mortgages, and more quickly yield a “best-fit” modification
that can reduce repeat default rates and preserve the value of mortgage assets.
“Significant loan-level data and analysis, up-front, and surgically applied is required to manage the
unprecedented volume of distressed mortgages and increasing complexities of products,
programs, and regulatory guidelines in the 21st century mortgage industry,” said Linda Simmons,
general manager of Overture Technologies’ Mortgage Finance Solutions. “Mozart for Special
Servicing can rapidly provide a more accurate, current view of borrower and asset information,
offer a wider range of suitable alternatives to borrowers, reduce recidivism by getting borrowers
into the right solutions the first time and create an audit trail for transparency.”
Mozart for Special Servicing is available now and can
be configured, integrated and running in a matter of weeks.
To see a demonstration of Overture Technologies’ Mozart for Special Servicing, visit booth #518 at
the Mortgage Bankers Association National Mortgage Servicing Conference in Tampa, February
17-20.
To read the full press release, click here.
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