LenderLive Touts Loan Modification Processing
LenderLive Network Inc., a Denver-based provider of business process outsourcing and technology to the financial industry, said Monday that it has successfully launched what it called ' the first large-scale Home Affordable Modification Program (HMP) campaign' with one of the nation's top four servicers. The company would not identify the servicer, but will manage all inbound and outgoing documents required under the Obama adminstration's bulk modification program, as well as certain fulfillment processes, it said in a statement. HMP is part of the recently passed Making Home Affordable program -- which includes a refinancing initiative, in addition to a modification program -- which government officials have estimated will allow nine million Americans to refinance or modify their home loans. Origination tech providers have increasingly focused on reinventing themselves as loan modification service providers amid the nation's housing crisis, and with good reason; most originators say the loan modification proposals put forth by legislators -- including the Making Home Affordable loan modification guidelines -- essentially require re-underwriting and processing of a loan. "At launch, we anticipate processing nearly 2,000 transactions per day, where success is measured in terms of seconds per transaction," said Rick Seehausen, CEO of LenderLive Network. "HMP is a document preparation- and document management-intensive campaign and also requires thorough customer contact efforts as well as disciplined underwriting practices." Seehausen said that servicers have been calling his firm to ensure "they can be in full compliance with the new guidelines." He says that in addition to the top four servicer already signed up with the firm, LenderLive is in final negotiations with another five servicers for modification processing. The company says it can provide servicers with customer contact services, underwriting review of loans and document preparation through its Guardian Mortgage Documents division. For more information, visit http://www.lenderlive.com. Write to Paul Jackson at firstname.lastname@example.org.