The US averaged over 6,500 foreclosure filings per day in first quarter 2009. That translates to over 270 per hour or one every 13 seconds. Behind these statistics are real people with real stories. What is most heart breaking is that in many cases foreclosures might have been avoided through loan modifications or other options.

But banks are overwhelmed.  Today’s New York Times described the challenge as a "paper avalanche" that is burying our efforts to stem foreclosures. "For now, progress is constrained by the limited capacities of mortgage servicing companies," said Michael S. Barr, the assistant Treasury secretary for financial institutions.

He offered the first signs of the administration's impatience with the institutions that control home loans. "They need to do a much better job on the basic management and operational side of their firms," Mr. Barr said.

In response, servicers are starting to take advantage of something called eMortgage System Processing (ESP). Borne of a collaboration of multiple technology providers, ESP radically improves the timeliness and effectiveness of servicers' agents in evaluating, approving and implementing loan modifications. ESP is fast. 50% of homeowners execute loan modification documents on the same day and 80% by the next day.

It's transparent. ESP records all decisions and provides the necessary transparency while maintaining data integrity to reduce fraud. It's compliant. It meets full compliance with governmental regulations and requirements. And, it's green. ESP is paperless, making it better for the environment than traditional methods.

Contact Overture, or our partners at REO Alternatives, to find out how your talent and our combined technology can turn the paper storm aside:
http://www.reoalt.com/esp.html

"No snowflake in an avalanche ever feels responsible."
-Voltaire