Magazine article Mortgage Banking

Overture Technologies, SigniaDocs Collaborate to Boost Loss-Mitigation Services

Magazine article Mortgage Banking

Overture Technologies, SigniaDocs Collaborate to Boost Loss-Mitigation Services

Article excerpt

Bethesda, Maryland-based Overture Technologies and Jacksonville, Florida-based SigniaDocs announced in February the creation of a joint offering that combines Overture's Mozart[TM] for Special Servicing with SigniaDocs' electronic modification technology to transform loss-mitigation services.

Mozart for Special Servicing allows servicers to manage and apply alternatives to borrowers in distressed mortgages, and more quickly yield a "best-fit" modification that can reduce repeat default rates and preserve the value of mortgage assets, explained Linda C. Simmons, general manager, mortgage, for Overture Technologies Inc. in Bethesda, Maryland.

SigniaDocs' eMortgage technology enables the eDisclosure, eSigning and eVaulting of modification documents, both securing and speeding the resolutions recommended by Mozart for Special Servicing, Simmons added.

"With Mozart for Special Servicing, significant loan-level data and analysis, upfront and surgically applied, is required to manage the unprecedented volume of distressed mortgages, as well as the increasing complexities of products, programs and regulatory guidelines in our 21st-century mortgage industry," said Simmons. "Once a borrower and investor agree on the specifics of the modification, the borrower can immediately eSign the documents online in a secure environment, without any waiting. …

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