Excerpt from: Overture News
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| April 06, 2009 | | Servicers struggle to meet new requirements; at current rate, it would take servicers decades to modify or refinance all loans | The home loan industry is expecting millions of Americans to seek mortgage relief through the federal government’s new plan to help struggling homeowners. Yet chances are mortgage borrowers may not get the help they need as quickly as hoped because the plan creates major technological challenges for mortgage servicers nationwide.
“We have spoken to many mortgage servicers, and they are struggling to figure out how they will be able to meet the requirements of the Obama plan,” states Kelvie. “The President’s plan is a fundamentally sound approach to addressing the foreclosure crisis, but it doesn’t fully assess what servicers can or cannot address with their existing technology systems.”
For most mortgage servicers, it has become very clear that they need the assistance of technology to supplement their servicing systems. Overture Technologies has announced the immediate ability to automatically evaluate homeowner’s eligibility for President Obama’s Making Home Affordable plan through Mozart for Special Servicing.
To learn more about how Mozart for Special Servicing aides servicers in getting to a speedy solution that satisfies both the homeowner and the investor that holds the mortgage, read the full press release here or visit our Mozart for Special Servicing product page.
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