*Finally A Way To Make Loan Mods Work*
**An Answer Arises**
***We all know the situation. The foreclosure crisis is still with us and isn’t going away anytime soon. The answer to solving this issue lies in deploying the right loan modification for the right borrower. The industry has completed more than 5.82 million permanent loan modifications since 2007, but more can be done. The mod process is too slow and too many mods are going back into default. Now, CoreLogic has stepped in with its answer to this problem. Here it is:
****CoreLogic is using the electronic document management and signing capability built upon eSignSystems technology to present a better modification process. AuthoSign is a custom deployment of eSignSystems’ SmartSAFE electronic signing and management software that has been integrated directly into IntelliMods, a complete loan modification decisioning solution from CoreLogic. CoreLogic is a leader in providing comprehensive data, analytics and services to financial services and real estate professionals.
****CoreLogic provides tremendous time and cost savings through its automated and customizable loan modification decisioning and delivery solution. IntelliMods from CoreLogic can upload a single loan or an entire loan portfolio within minutes to qualify loan modifications, output documents, and send them to the borrower. This presents significant cost savings for the mortgage banking industry, which has completed more than 5.82 million permanent loan modifications since 2007 as reported by HOPE NOW.
****The AuthoSign integration with IntelliMods shortens the loan modification process by several days, and even weeks, for significant time and cost savings over traditional paper-based loan modification decisioning systems. Additionally, AuthoSign tracks and creates action alerts for each individual participating in the mortgage process and hosts the entire signing ceremony online. Every transaction is logged for retrieval by IntelliMods, ensuring comprehensive tracking of every user and signer’s activity within AuthoSign. Additionally, management of the entire process is even easier with the detailed tracking, compliance and alerts. This simplifies and speeds up the loan modification process, and keeps all stakeholders informed on the status of the loan modification decisioning and signings.
****“CoreLogic is committed to increasing quality and reducing cost and turnaround time for our clients,” said Sapan Bafna, Senior Director at CoreLogic. “By including the eSignSystems’ technology as part of CoreLogic IntelliMods, we can offer our customers an easy to use and secure electronic SigningRoom. Plus, AuthoSign tracks electronic documents throughout their lifecycle, and creates an enforceable, legally-binding electronic record.”
****Maintaining an electronically signed record is essential to the integrity of a legally binding transaction. With AuthoSign, all records are verified and authenticated from eDelivery through eSignature and eRetention. This ensures that the access or signing credential (i.e., digital certificate, username or password) is verified and that the records remain free from tampering. Additionally, AuthoSign continuously updates the status of the loan modification’s execution for real-time reporting.
****AuthoSign also supports signer access to electronically signed documents as required by the ESIGN act. To meet the ESIGN act’s legal and compliance requirements, users may access and print certified copies, while the actual archived, eSigned document is left untouched. Authorized individuals can manage, search, transfer and share electronic files, signed or unsigned, via the Web. All records are available to all interested parties in a secure and compliant environment.
****“With the Treasury Department requiring a Single Point of Contact for all loan modifications, AuthoSign provides IntelliMods with a secure and compliant tool to manage, track and execute every aspect of the loan modification process, with audit trails from the beginning to the end of the transaction,” said Kelly Purcell, EVP of eSignSystems. “CoreLogic even broke new ground as the first integrator to utilize a powerful new PDF text tagging feature of the SigningRoom, which expands their customers’ ability to effectively identify and sign within PDF documents.”
****By integrating eSignSystems SmartSAFE technology into the IntelliMods loan modification decisioning solution, CoreLogic is providing better security and privacy for all parties involved in the transaction. In addition, traditional document transportation and storage costs are reduced dramatically, and the cycle time of loan modification is reduced by days or even weeks.