Mortgage Cadence, LLC, a leading provider of Enterprise Lending Solutions (ELS), Default Servicing Technology and Document Services for the financial services industry, released news last week that its Reprise Consumer Direct Portal was delivering powerful servicing automation to allow mortgage loan servicers to effectively respond to coming mortgage reform. I'm flying out to Vail tomorrow to the company's users conference and intend to find out more about how this technology is being used.
Mortgage Cadence Reprise is a web-based solution that helps servicers convert troubled mortgages into performing assets. In a world where losses have become the new normal and mortgage reform is on the way, Reprise is one tool servicers don’t want to be without.
"Recently, the state attorneys general and federal regulators submitted an extensive term sheet to the nation's largest banks that outlines proposed requirements to overhaul mortgage servicing procedures," said Molly Curl, bank regulatory national advisory partner. Some of the key points from the term sheet and its implications for mortgage servicers include:
• Loss mitigation requirements – Mortgage Servicers would be required to thoroughly evaluate borrowers for all available loss mitigation options before foreclosing.
• Dual track prohibited – Servicers would be prohibited from initiating a foreclosure or filing a motion for relief from a bankruptcy plan while a modification evaluation process or application for a loss modification program is pending.
• Borrower communication and documentation – Servicers would be required to provide borrowers with a single point of contact to handle any loss mitigation communications.
• Development of comprehensive loan portals – Mortgage servicers will need to develop loan portals where borrowers can access loss mitigation information, and submit and receive documents.
According to Mortgage Cadence, Reprise offers advanced features to meet all of the requirements allowing servicers to remove manual and inefficient processes in order to stay competitive in a constantly changing industry. The technology is designed to give servicers and consumers the tools to efficiently achieve affordable and sustainable mortgage programs for their borrowers while increasing the value of their distressed mortgages by re-establishing them into performing loans.
Reprise speeds the Loan Modification and Short Sale process via advanced workflow automation, data validation and analytics, dynamic document generation and consumer-direct communication tools. In addition, the Reprise consumer direct portal allows borrowers to securely upload documents through their servicers website. The documents are instantly and automatically catalogued upon receipt, while sophisticated workflow tools queue tasks for servicers to help them focus on the accounts they can resolve quickly. Reprise has taken what once was a very laborious process and removed the inefficiencies and the inherent risks associated.
“With mortgage reform clearly on the horizon for mortgage servicers, the need to embrace automation and provide consumer facing tools is more critical than ever,” said Dan Goldman, Mortgage Cadence’s executive vice president for Reprise. “Reprise is the technology that will allow servicers to most effectively respond to mortgage reform in the servicing industry while providing the customer service expected by state attorneys general and federal regulators.”
The company says that regardless of how servicers utilize Reprise - whether to complete mortgage loan modifications faster and more easily than ever before or to shift their default servicing behavior and increase their Short Sale volume in a compliant manner - the Mortgage Cadence product suite can help servicers compliantly take their default servicing operation to new levels of success. I'll be posting here and on my LinkedIn Status and Twitter feed from the conference later this week.