SoundBite Takes Bite out of HAMP Costs
SoundBite Communications, which offers voice, text and e-mail messaging software, introduced a proactive customer communications package for mortgage servicers participating in the Home Affordable Modification Program (HAMP). Under the Making Home Affordable (MHA) program, HAMP provides incentives for servicers to modify loans on the verge of the foreclosure and adjusts the incentive caps based on actual performance. With the amount of HAMP-eligible loan modifications on the rise, SoundBites designed the MHA Accelerator to streamline the modification progress, cut operating costs and increase the number of loan modifications started. The MHA Accelerator increases communication between the servicer and borrower during qualification, processing, the trial period and underwriting. It collects missing documents and verifies information, provides automated reminders to reinforce on-time payments and proactively communicates with qualified borrowers to trim the amount of inbound calls. Write to Jon Prior.