Mortgage Cadence Enters Servicing Software Sector
Loan origination software (LOS) developer Mortgage Cadence entered the servicing software sector with the launch of a new product that automates the loss mitigation process for delinquent and defaulted loans. The Web-based Loss Mitigation Gateway software analyzes loan data against Making Home Affordable Modification Program (HAMP) eligibility requirements and can be customized to check for eligibility of a servicer’s in-house modification programs. “The heightened regulatory scrutiny surrounding loss mitigation coupled with the associated risks and failure rate of current products creates a number of challenges for servicers and lenders," said Mortgage Cadence CEO Michael Detwiler who felt the new software, "addresses many of the challenges these entities face." The automation functions of the software reduce the manpower need to evaluate mortgage files, the Denver-based developer said, adding that if a loan that’s eligible for modification is identified, the software can calculate the new terms of the mortgage and can automatically generate loan modification document packages. “This comprehensive solution provides servicers and lenders with the ability to achieve affordable and sustainable mortgage programs for borrowers while increasing the value of distressed mortgages by re-establishing them into performing loans,” Detwiler said. Write to Austin Kilgore.