We hear a lot about new technology integrations. They always talk about new functionality. That’s great, but these integrations should also be geared at helping actual borrowers. For example, Fiserv signed an agreement with CoreLogic to integrate its IntelliMod loan modification decisioning tool with LoanServ, a comprehensive servicing platform.
“Facing default is a truly distressing situation for a borrower,” said Joe Dombrowski, director of product management, Lending Solutions, Fiserv. “The integration of LoanServ from Fiserv with CoreLogic IntelliMods enables a servicer to quickly – in real time – and accurately evaluate borrower information and present the appropriate loan modification package, thereby reducing default risk and greatly improving borrower interaction.”
Loss mitigation demands rigorous adherence to federal requirements, and the integration means faster processing of information necessary for a rules-based analysis of workout options, including compliance with Fannie Mae and Freddie Mac requirements. Once the user selects the modification profile (term extension, rate or principal reduction), IntelliMods delivers a decision in a matter of seconds. With the integration of the IntelliMods decisioning tool from CoreLogic into LoanServ, Fiserv clients can now upload, qualify, process, route to borrowers and track loan modifications at an accelerated rate, trimming days off of the process. Follow-up of terms can be automated as well.
“As a result of this integration with Fiserv, the CoreLogic IntelliMods platform enables servicers to take advantage of unique capabilities that provide real-time loan decisioning for Fiserv customers” said Sapan Bafna, vice president, advanced delivery engines, CoreLogic. “IntelliMods helps reduce the workload and risk associated with the evaluation of workout options, and provides further add-on solutions for data append, property ownership reports, title reports, compliant document generation, e-delivery, e-sign and recording services.”
Once approved, IntelliMods instantly generates the appropriate modification package, which can be sent to the servicer’s production house for printing, assembly and shipping or to FedEx for printing and overnight delivery to the borrower. The FedEx option includes a pre-paid return envelope and incorporates the outbound and inbound tracking numbers into IntelliMods, allowing servicers to track the package process through recordation.