Altisource Releases Bundled Solution For Delinquent FHA Loans

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Altisource is offering a bundled solution that provides customized asset management services for delinquent FHA loans.

The new bundled offering incorporates Equator’s default servicing and REO marketing solution to help servicers manage the asset marketing and conveyance process (including field services, valuations, title services, online marketing and auctions) from one place.

The new bundle delivers comprehensive data for assets under management, allowing for re-optimization throughout the post-sale lifecycle, Altisource says in a release.

It delivers a forecasting feature indicating the estimated cost of conveyance and holding timeline to compare various disposition processes and outcomes, including potential servicer contributions.

The solution also delivers actionable data; for example, it displays percentages of profitability and potential gain/loss for each potential decision based on current market data.

The solution additionally stores a history of multiple model outputs in one location to keep record of an asset containing all modeled values, user edits for tuning, strategy decisions and commentary for collaboration on execution.

In Altisource’s recent “State of the Servicer Industry” report, 86% of servicing professionals surveyed cite that their organization currently services FHA loans.

Nearly three-quarters (72%) expect their FHA loan portfolio to increase over the next 12 to 24 months and 77% expect the increase to be more than 25%.

As servicers know, servicing FHA loans comes with the risk of being required to convey foreclosed FHA assets back to HUD, increasing the cost and fees to service FHA loans.

“Now is the time for servicers to review their internal capabilities and ensure they engage the best and most experienced vendors to effectively prepare for a growing FHA portfolio,” says Patrick G. McClain, senior vice president of Equator and Hubzu Auction Services for Altisource. “Our FHA modeling tool, in combination with the bundled Altisource FHA products, offers servicers the potential to mitigate some of the costs and risks associated with conveying assets back to HUD, and view the status and results through Equator.”

Equator, a division of Altisource offering default servicing and REO marketing solutions, made news in November when it announced that it had integrated the Factom Harmony blockchain-as-a-service (BaaS) platform into the Equator PRO default servicing solution.

Altisource acquired Equator in 2013.

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