Loan Modification

A Better Process. A Faster Outcome.

Loan modifications are precarious and leave servicers exposed to costly delays or failed attempts. If not monitored and executed properly, they can fall apart at any turn.

Loan Modification addresses this issue with configurable workflow automation technology offering improved transparency, repeatability, accuracy, compliance and auditability. Automated workflows help servicers easily and more efficiently manage delinquent loans through the five key steps of the modification process:

  • Borrower contact and solicitation
  • Detailed, customizable borrower questionnaires
  • Detailed borrower financials HAMP and custom loan modification NPV evaluation, including waterfall logic
  • Trial Plan creation and payment tracking
  • Document preparation and tracking

Loan Modification integrates with the servicing platform of record to collect relevant loan, borrower and investor data. Servicers can order vendor services through the EQMarketplace to help fulfill borrower outreach. Loan Modification creates customized workflow and target outcomes based on a loan’s unique circumstances. Servicers can customize variables, such as follow-up frequency and the reasons behind terminated calls for detailed reporting and tracking. The configurable borrower questionnaire also enables the capture of key data such as intent, employment information, financials and borrower attachment to the property.

Customizable modification programs such as FHA, HAMP, proprietary and investor-specific allow the servicer more accurate recommendations, program selection and results. Secondary reviews, servicer controlled approval levels, and failed or decline review options keep modifications in compliance, with easy reporting thanks to detailed audit trails. EQSnapshot creates a compliance trail displaying all data elements used in critical decisions such as MI and investor approval, and loan modification attributes. By providing a single point of contact for document collection, trial plan reviews, and modification signature, Loan Modification has been proven to deliver compliance through consistent process.

Loan Modification is fully integrated with Equator’s® other products, which helps reduced repeat purchases of valuations, credit and title reports. Real-time integrations ensure the most current information is available for foreclosure or bankruptcy notification, helping determine modification selection.

Benefits:

  • Improved completion rates
  • Milestone awareness and tracking
  • Centralized document collection
  • Integrated compliance checks
  • Consistent application and decisioning for auditability
  • Shortened timelines

For more information on this product, please contact Business Development