Default Servicer Updates Software for FDIC, HAMP Mods
Warren, Mich.-based mortgage field service solutions provider Five Brothers updated its loss mitigation software to enable mortgage modifications under the Federal Deposit Insurance Corp. (FDIC) and the Making Home Affordable Modification Program (HAMP). The MOTZ software can automate and streamline the modification process, including automatically calculating net present values if the mortgage is modified or if the home goes into foreclosure, Five Brothers CEO Joe Bada said, and the update allows for modifications that comply with the federal modification programs. “We saw a gaping hole in the loss mitigation service landscape and we filled it,” Bada said. “Our MOTZ software will not only significantly improve efficiencies in the default management process, it has the potential to revolutionize the industry as a whole.” In addition to its software products, Five Brothers’ programs include property preservation, inspections, real estate owned (REO) management, hazard claims processing, and document scanning with automated workflow services. Write to Austin Kilgore.