New Partnership Provides Enhanced Modification Services
Retreat Capital Management, Inc., a third party arbitration services company, will partner with Ellie Mae, a software and services provider, to offer mortgage modification services to over 120,000 mortgage professionals who use the Encompass Mortgage Management Solution. "In this market, lenders are in dire need of loss mitigation and foreclosure prevention services, but unfortunately, there’s such an influx of activity that they don’t always have the time to develop a workable solution on their own," says Arvin Wijay, CEO of Retreat Capital Management. "By collaborating with Ellie Mae, Retreat Capital is enabling a great number of financial services institutions to access loss mitigation solutions quickly, easily and economically." Retreat Capital Management says it handles the entire mortgage modification process for its client lenders, from initial analysis to closing and MIS reporting. The company uses an advanced rules-based loss mitigation technology platform that interfaces with the lender’s servicing system. Once a mortgage is submitted, the technology matches that loan against all available loss mitigation options to determine the most suitable solution. At that point, one of Retreat Capital’s experienced negotiation specialists contacts the borrower to present the available options. Once a resolution is reached, Retreat Capital handles all of the required paperwork and closing activities. "As the foreclosure crisis continues to undermine the American economy, lenders and borrowers alike are in desperate need of a solution," adds Wijay. "Now more than ever, it’s important for lenders to communicate with borrowers." Write to Kelly Curran at firstname.lastname@example.org. Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments.