Specifically, New American will use Covius’ 50-state template library and on-demand printing services to prepare and deliver compliant pre-foreclosure/breach letters.
“Servicers are experiencing pressures not seen in a decade,” says Pete Pannes, chief business officer, in a release. “A single mortgage may be subject to hundreds of federal and state laws and regulations. To help servicers navigate this complexity, Covius’ warranted template library covers servicing, pre-foreclosure and loss mitigation document requirements.
“And we do this at scale, routinely generating and receiving 2 million-plus document images daily and preparing and sending 1.5 million-plus letters and document packages monthly,” Pannes says. “We are pleased to support New American Funding’s default servicing operations and help them deliver critical borrower communications.”
“We want to assure compliance as regulations change, and want to drive the best results for borrowers facing significant challenges in the economic fall out of the pandemic,” adds Roberto Moreno, senior vice president default services at New American Funding.