230021 Resource 213692 213904 1 1238992946898 1254093603297 Controlled President Obama’s Mortgage Plan Creates Challenges

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, <a title="President Obama’s Mortgage Plan Creates Challenges" href="http://www.overturecorp.com/pressreleases/Overture%20Government%20Mortgage%20Plan%20-%2004.06.09.pdf" target="_blank">read the full press release here</a> or visit our <a title="Mozart for Special Servicing" href="item/224432">Mozart for Special Servicing product page</a>. 10 application/xml false Automated Decisioning Bill Kelvie Linda Simmons Loss Mitigation Mortgage Finance Mozart President Obama Press Releases RCS Special Servicing Mozilla/4.0 (compatible; MSIE 8.0; Windows NT 5.1; Trident/4.0; .NET CLR 1.0.3705; .NET CLR 1.1.4322; Media Center PC 4.0; .NET CLR 2.0.50727; Zune 3.0; .NET CLR 3.0.4506.2152; .NET CLR 3.5.30729) 127.0.0.1 127.0.0.1 $Admin 173.160.40.189 false true false false true 213692 blog blogsite/Overture/web