Foreclosure Deadlines at the Click of a Mouse

Posted on June 25, 2009
Filed Under Foreclosure Homes | Leave a Comment

The days of electronic processing are here. It can save precious dollars while meeting the deadline of foreclosures. An eMortgage System Processing (ESP) program has been put in place by REO Alternatives in partnership with Overture Technologies, Rapid Reporting Verification Company, and SigniaDocs. Now information on loan modification will be available easily through this process.

Through the system, the distressed borrowers can be easily identified. Thereafter, the borrowers can be placed for loan modification as a part of the Administration’s Homeowner Affordability and Stability Plan (HASP). The investors and lenders can create electronic files with the help of this novel system. This will definitely reduce the cumbersome paperwork and improve transparency. Besides it provides safeguards against frauds. Eligible borrowers can also be identified with the help of this system.

Distressed homeowners can also get their loans modified with the help of this program. According to data available, 50 per cent consumers can close the loan deal the same day, thanks to the program. Eight per cent are able to do so in two days’ time.

Paul Anselmo, president and CEO of REO Alternatives said the government has so far not used automation for loan modification. The pressure is mounting on the Administration to improve its deliverables but there is no development. With each passing day, more and more homeowners are going into foreclosure and the inordinate delay is only making things worse. The new system can hasten the legislative process and reduce the costs.

Experts say that the manual process cannot be relied upon any longer. Joe Pensabene, EVP at lending partner GMAC, says, “It is our responsibility to make the business deals smooth. The onus is on us to save the homeowners from defaulting on loans. The foreclosure of their homes needs to be stopped.” ESP helps lenders to service many distressed borrowers in the shortest possible time. The processing costs are also saved, there is increased transparency and what’s more this is very much environment-friendly. It has been estimated that per loan, approximately $137 can be saved. The numbers can indeed become compelling when one considers that the loans of at least 7-9 million distressed home owners need to be addressed. It could lead to a saving of $1.2 billion. This is a win-win situation for all the stakeholders including the government and even the green bodies who no longer have to cry themselves hoarse over increased paper usage.

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