Servicer Adds Electronic Modification Platform
Residential Credit Solutions (RCS), a Fort Worth, Texas-based distressed mortgage servicer, implemented its new automated loan modification document services platform. The new platform integrates software from Dallas-based eMortgage services provider SigniaDocs and Bethesda, Md.-based special servicing software developer Overture Technologies to create electronic mortgage modifications, including those in the Making Home Affordable Modification Plan (HAMP). SigniaDocs software provides electronic loan modification documents. RCS takes the data from those forms to try to match an appropriate loan program in Overture’s Mozart for Special Servicing (MoSS) module to evaluate a borrower’s options. The SigniaDocs/Overture partnership aims to help lenders and servicers work quickly and cost-effectively through a backlog of delinquencies and forcelosures, according to a press statement. “With eModifications, we find that 50 percent of consumers close their modified loans the same day they receive them online,” said SigniaDocs president Tim Anderson. “Over 80 percent are executed within two business days.” Write to Austin Kilgore.