223216 Resource 213692 213904 213904 1231527954708 1232665001366 Controlled Overture's Special Servicing Solutions Featured in "Managing REO"

Linda Simmons discusses Overture's re-decisioning philosophy regarding special servicing with leading online publication for mortgage asset managers.

Overture's special servicing solutions were recently profiled in a feature story, <a target="_blank" href="http://www.managingreo.com/feature/?story_id=8">"Adapting Tech Solutions to Deal With Distressed Mortgages"</a> by Jennifer Harmon, in <a href="http://www.managingreo.com/" title="Managing REO">Managing REO</a>, a leading online publication for mortgage asset managers. In the article, Harmon interviews General Manager of Mortgage Finance, Linda Simmons, who explains Overture's philosophy of using automated decisioning technology throughout the mortgage value chain to help institutions make the best decisions possible at each step of the process, including special servicing. Harmon notes that "the major impetus that drove Overture to create the re-decisioning process is that the industry got very comfortable using automated decisioning...to do underwriting but never truly pushed the automated decisioning any further down the mortgage value chain." By bringing automated decisioning to special servicing, Overture can help lenders understand the borrower's specific situation in full detail and give them a wide breadth of options for a workout path for the mortgage. Rather than simply basing their decisions on basic information like DTI, loss mitigation reps will have access to a rich profile of borrower data from which to come up with the best solution for the servicer and the borrower, which will help reduce recidivism rates As Simmons explains, "It allows us to take a couple of different approaches that the industry is tinkering with. In some respects, people look at the debt-to-income ratio and use that as a gauge for what the borrower would be eligible for. From the subprime world, it's more likely to see them calculate these hard and soft expenses. What do they have left over at the end of the month? If they have $250 with six kids, you know they are not going to make this program. It's not going to work for them. The DTI doesn't necessarily tell you that." To read the full article, <a href="http://www.managingreo.com/feature/?story_id=8" target="_blank">click here to view it on the Managing REO website.</a> 10 application/xml false Coverage Distressed Mortgages Intelligent Data Interpretation Linda Simmons Loss Mitigation Managing REO Mortgage Finance Mozart Redecisioning Special Servicing Mozilla/5.0 (Windows; U; Windows NT 5.1; en-US; rv:1.9.0.5) Gecko/2008120122 Firefox/3.0.5 127.0.0.1 127.0.0.1 jsheely 209.2.118.14 false true false false true 213692 blog blogsite/Overture/web