Modifications Unite Tech Vendors on Capitol Hill
REO Alternatives, a mortgage banking and and residential REO management consulting firm, is partnering with three other mortgage technology providers to offer the Obama administration a solution for expediting modifications. Overture Technologies, a provider of decisioning solutions designed to enable transparent and accurate mortgage lending processes, joined the team along with Rapid Reporting Verification Co., which provides borrower verification products to reduce the opportunity for fraud. The fourth partner, SigniaDocs, offers Web-based service platforms for electronic document collaboration including the team's joint eMortgage offering. The eMortgage Processing System (ESP) is designed to facilitate the management of modifications under the administration's Homeowner Affordability and Stability Plan (HASP). The platform will analyze eligibility of homeowners and allow for a modification execution the same day in 50% of cases, and by the next business day in 80% of cases. The platform will use SMARTDoc techology, allowing for the secure, manageable, archivable, retrievable and transferrable management of documents through a paperless system. The platform is aimed to provide transparency, regulatory compliance and consideration for "unique needs" of minorities while helping the mortgage industry go green by using a paperless process and electronic file storage. Together, these initiatives should streamline the management of modifications and ensure the administration's program affects as many struggling homeowners as possible. “Government and financial institutions are simply not using automation to administer these modifications, and pressure is growing for the administration to deliver results,” said Paul Anselmo, president and CEO of REO Alternatives. “Every day, more homeowners are falling into arrears or foreclosure, and face delays that only worsen their circumstances. ESP can help homeowners in distress, while greatly reducing the costs involved.” The companies are scheduled to host a Capitol Hill reception beginning in Washington later this afternoon. Write to Diana Golobay.