Fannie Explores New Workout Solutions for Borrowers
New, real-time data transmissions will help Fannie Mae (FNM) improve analytics and evaluate potential workout solutions for borrowers, especially those in the early-stages of delinquency. The information, powered by technology provider Fiserv, allows the agency to review borrower credit capacity in order to make more informed decisions about loan workouts. The Platform supports all retail loan types including mortgage, home equity, consumer and indirect financing so that a complete snapshot of borrower data is retrievable, regardless of loan type. "Fannie Mae is taking steps to gain more real-time information about our mortgage portfolio," said Jerry McCoy, vice president of business development at Fannie Mae. McCoy says Fannie May has engaged Fiserv to work with its servicers that utilize such a platform to provide ongoing data updates directly to Fannie on the loans it services. "This represents an expedient and non-intrusive way to get the data in a timely fashion," he says. Authorization has been granted for the data transmissions from nearly all of Fiserv's clients who service loans for Fannie Mae and data transmissions are already in effect. Write to Kelly Curran.