Bensalem, Pa.-based software developer ISGN is beta testing a new Web-based loss mitigation technology that only charges servicers when they close a loan. The yet-to-be-named “pay-per-loan” software is in beta testing and will go live in September. It will allow servicers to evaluate pools of loans, create customized evaluations based on user-generated objectives along with other steps in the modification process, but will only charge servicers when they complete a loan. The software will be compatible with the Home Affordable Modification Program. The product will facilitate backlogs of current defaults and delinquencies faced by servicers, and will provide analytics that can help prevent future defaults, according to Chetan Patel, ISGN executive vice president. Write to Austin Kilgore.
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