Fiserv Inc. today announced that its Loan Servicing Platform, with loan modification and loss mitigation features, is fully compatible with new guidelines from the U.S. Treasury Department on home loan modifications.
As part of the Obama administration's initiative, the U.S. Department of the Treasury created the Home Affordable Modification Program (HMP) as part of the Making Home Affordable program. Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac, were named as the administrators of the HMP. Designed to help as many as 3 million to 4 million distressed homeowners avoid foreclosure by modifying loans and monthly mortgage payments to an affordable level, the program provides clear and consistent guidelines that the mortgage industry must follow.
"Fiserv has been fully engaged with the Treasury and GSEs in order to provide all the functionality to meet the program's specific requirements," said Greg Fontenot, assistant vice president of Loan Servicing Solutions for Brookfield-based Fiserv. "Our continual investment enabled our Loan Servicing Platform to deliver the flexibility and capability required to meet the HMP guideline as soon as it was announced in March."
Over the past 24 months, Fiserv has focused on enhancing the loan modification and loss mitigation features of the Loan Servicing Platform. The platform has support built into the core system that helps servicers determine if the borrower is eligible for an HMP modification, and was positioned to support HMP guidelines from the start.
"Maintaining a competitive position when working with distressed borrowers requires efficiency, flexibility and accurate information delivered in real-time," Fontenot said.
Fiserv modifies loan platform for distressed homeowners
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