ISGN Launches Web-Based Software for Distressed Asset Automation
Mortgage technology and services provider ISGN launched a new software system to automate and manage distressed mortgage and real estate owned (REO) property workflow, the suburban Philadelphia-based company announced. The Web-based LenStar Plus software interfaces with major servicing platforms and has customizable features for users to handle the default process starting at initial delinquency, and moving to loss mitigation, loan resolution and REO disposition. The software comes in response to the Treasury Department’s Making Home Affordable Modification Program (HAMP) and the Foreclosures Alternative (HAFA) program, which have shifted servicer goals away from foreclosure and REO disposition and realigned their priorities to mortgage modifications and short sale and deed-in-lieu of foreclosure transactions. As a result, the role of servicer has changed from check collector to workout specialist, as HousingWire reported in the May edition of its monthly magazine. “Servicers’ responsibilities have been in a state of metamorphosis for the past several years and in most cases, their technologies likely haven’t adapted as quickly as the market has evolved,” said Chetan Patel, executive vice president for ISGN. “LenStar Plus gives servicers the ability to manage the full range of tasks and responsibilities that have now become a normal part of doing business as a servicer,” Patel added. Write to Austin Kilgore.