Outsource mortgage service provider helps servicers meet modification, short sale demands
DENVER, Sept. 22, 2010 – LenderLive Network Inc., a provider of business process outsourcing and technology to the financial industry, today announced it has participated in 1.6 million loan modifications and other loss mitigation actions, including the Home Affordable Modification Program (HAMP), Home Affordable Foreclosure Alternatives (HAFA) and proprietary loan modifications since mid-April 2009.
“We have been able to help our servicer clients efficiently address the increased number of potential defaults in the portfolios,” said Rick Seehausen, president and CEO of LenderLive. “From direct solicitations to sending out modification packages to homeowners, our business has grown and we are definitely making a difference in the effectiveness and our clients’ efforts.”
For its servicer clients, LenderLive provides a wide array of component services, including customer contact services, underwriting review of loans, document management, supporting correspondence review, quality control and preparation and mailing of letters, notices and all related document needs. The firm has sent more than 500,000 initial application, trial and HAFA packages this year in addition to more than 175,000 in modifications. The company has also imaged more than 200 million documents for these loans.
"LenderLive is definitely working to assist the American homeowner stay in their homes by increasing the speed in which our clients can work with each and every borrower," Seehausen added. “We understand most servicers, on a monthly basis, see about one in five loans become delinquent. Many of those loans become current again, but for those that don’t, the loss mitigation efforts require an immediate response to borrowers during what could be the most stressful period of their lives. LenderLive assists in the velocity at which the servicer can positively react through hosted, electronic imaging platforms, seamless document production with integrations to overnight couriers and eSignature platforms. LenderLive will also help the servicer receive the signed documents, validate their accuracy and countersign on behalf of the servicer."
After a modification is finalized, LenderLive Settlement Services will insure applicable programs with title endorsements and policies, which is another point of assistance to the servicer that ensures the prior coverage remains intact.
About LenderLive Network Inc.
LenderLive is a Denver-based mortgage service provider. Since 1999, the company has offered the single-family mortgage loan industry with private-label service and technology solutions to originate, process, underwrite and close loans on behalf of its clients. This continued support to lenders and servicers brought LenderLive recognition in 2009 as a Top 50 Mortgage Service Provider by Mortgage Technology Magazine. Through comprehensive solutions or component services, LenderLive offers the people, technology and processes that allow its clients to focus on their core business while LenderLive provides their mortgage loan fulfillment needs.