Pegasystems launches quality control software for imminent default
Pegasystems (PEGA) launched a new product that focuses on mortgage borrowers in imminent default. The new software is aimed at helping lenders implement regulatory quality controls prior to starting the process foreclose and evict someone from their home. The process-management software company said its product will allow mortgage lenders to "rapidly add or modify federal, state and local program changes based on non-judicial or judicial processes." "Many existing practices around foreclosure are being called into question now more than ever," said Tony Young, principal in the company's financial services division. "Pega’s new pre-foreclosure solution vastly improves the visibility, certainty and efficiency of the overall process and provides unmatched quality controls and integrity. Servicers can sleep better at night knowing that their documentation is error-free." Pegasystems said the housing industry "can ill afford" delays and setbacks in the foreclosure process with some many borrowers in default or near default. The Cambridge, Mass.-based company said its new product ensure accurate error-free foreclosures. Write to Jason Philyaw.