Magazine article Mortgage Banking

DecisionReady Launches Pre-Foreclosure Review Module

Magazine article Mortgage Banking

DecisionReady Launches Pre-Foreclosure Review Module

Article excerpt

DecisionReady Solutions Inc., Irvine, California, a provider of default-servicing compliance solutions, has released its pre-foreclosure review module for the DecisionReady Compliance Suite on its cloud-based technology platform. The pre-foreclosure review module operates like a compliance quality-control checklist, enabling servicers to confirm they have done everything required in reviewing a delinquent mortgage loan.

It manages the remediation process to resolve exceptions and ensure compliance prior to initiating foreclosure. For instance, servicers must ensure all viable options have been exhausted to help people stay in their homes before moving forward with a foreclosure.

Servicers today lace an unprecedented volume of delinquent loans and foreclosures, which likely will build as more distressed homes emerge from the shadow inventory. They also must cope with ever-changing layers of state and federal regulations and servicing guidelines, and the shifting requirements of myriad government programs, all of which have created a complex web of servicer policy and compliance challenges.

For each delinquent loan reviewed, servicers need to prove they have made the right decision. They need to show they've done enough to satisfy all the compliance requirements--for instance, was the Home Affordable Modification Program (HAMP) offered to the distressed borrower? Was there a reasonable attempt made to reach the customer? Were loan-modification, short-sale and deed-in-lieu workout options pursued and presented to the borrower prior to initiating a foreclosure? …

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