Brookefield, Wis.-based Fiserv
upgraded its Loan Servicing Platform to comply with the US Treasury Department
’s Home Affordable Modification Program (HMP), the company announced Wednesday.
The program sets guidelines for the mortgage industry and may facilitate modifications for as many as 4m troubled homeowners. Fiserv’s software allows servicers to track and study loans to devise the most effective workout strategy.
“Fiserv has been fully engaged with the Treasury and [program administrators Fannie Mae and Freddie Mac] in order to provide all the functionality to meet the program's specific requirements,” Fiserv assistant vice president Greg Fontenot said in a release. “Our continual investment enabled our Loan Servicing Platform to deliver the flexibility and capability required to meet the HMP guideline as soon as it was announced in March.”
The changes are part of a two-year-long overhaul of the Loan Servicing Platform that has focused on enhancing the loan modification and loss mitigation features of the software.
The software can determine whether a borrower is eligible for a HMP modification. It also includes built-in loss mitigation workflow tools and ensures secure electronic delivery of documents and full escrow analysis processing.
Fiserv said future enhancements will include additional deferred principal functionality, increased functionality to gather personal financial information, and an HMP-specific screen to present a full picture of the modified loan.
Write to Austin Kilgore