Servicers are looking to cut costs today. Let me offer my vision on what is available on the market from my firm - DocSolutionUSA.
In today’s times everyone is looking to cut cost and any types of shortcuts in the process. Servicers are not exception to this rule.
Let me share with you what is available on the market and how my Company, DocSolutionUSA, can address this matter.
One of the more costly loss mitigation actions for the servicer of real estate loans is agreeing and executing modification of the loan terms with the defaulted borrower.
In the typical loss mitigation workflow for the servicer, the borrower and servicer agree on the new payment terms, title company is getting a referral from the servicer to complete and insure the transaction and issue a MMP policy (Mortgage Modification policy). Then a modification document is drafted by an attorney or document preparation firm, executed and recorded at the county of the property in some states if it's required (like NY), or if it's a GNMA loan.
The process may take months to complete.What if modification document is generated instantly on the same call with the servicer, after the borrower agrees to the new loan terms, using e-signing and e-notarization. This would expedite the timeline of borrower reperforming payment by at least 1-2 months ahead of prior method, satisfy a few state's requirements, as valid and enforceable modification document, and mentally prepare the borrower to in person sign the document, once remote notary schedules a signing. The trade value of the loan will be much higher and it will void many issues with indecision of the borrower.
We have built that workflow as SaaS or over API with a few flexible options of sourcing the data to generate the document.
Reach out to our dedicated Team at DocSolutionUSA directly for a workflow discussion and implementation of the best on the market solution with mod workflow.
In today’s times everyone is looking to cut cost and any types of shortcuts in the process. Servicers are not exception to this rule.
Let me share with you what is available on the market and how my Company, DocSolutionUSA, can address this matter.
One of the more costly loss mitigation actions for the servicer of real estate loans is agreeing and executing modification of the loan terms with the defaulted borrower.
In the typical loss mitigation workflow for the servicer, the borrower and servicer agree on the new payment terms, title company is getting a referral from the servicer to complete and insure the transaction and issue a MMP policy (Mortgage Modification policy). Then a modification document is drafted by an attorney or document preparation firm, executed and recorded at the county of the property in some states if it's required (like NY), or if it's a GNMA loan.
The process may take months to complete.What if modification document is generated instantly on the same call with the servicer, after the borrower agrees to the new loan terms, using e-signing and e-notarization. This would expedite the timeline of borrower reperforming payment by at least 1-2 months ahead of prior method, satisfy a few state's requirements, as valid and enforceable modification document, and mentally prepare the borrower to in person sign the document, once remote notary schedules a signing. The trade value of the loan will be much higher and it will void many issues with indecision of the borrower.
We have built that workflow as SaaS or over API with a few flexible options of sourcing the data to generate the document.
Reach out to our dedicated Team at DocSolutionUSA directly for a workflow discussion and implementation of the best on the market solution with mod workflow.