Technology providers already released products to help mortgage servicers and borrowers to link through a single point of contact as required by new rules.
In May, the Treasury Department set a new requirement under the Home Affordable Modification Program, detailing how mortgage servicers are to establish a single relationship manager that will proactively walk borrowers through the modification process and support them through foreclosure if necessary. Similar requirements came under consent orders signed between major servicers and their federal regulators.
That same month, Lender Processing Services (LPS: 24.27 -0.70%), which signed one of those consent orders with the Federal Reserve, released a product that would help servicers comply. At the same time, it enhanced its umbrella loan servicing platform known as MSP to fit the guidelines.
The LPS package allows servicers to specify which loans require a single point of contact and which don't. LPS said it was working to broaden the scope of this function to find even current loans.
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