iMortgage Services LLC (iMS), a provider of collateral valuation and settlement services for the residential mortgage industry, has launched its Loan Workout solution for mortgage lenders and servicers.
With this service, the company automatically performs a loss mitigation title search and required document retrieval. Provided there are no intervening liens on the property, iMS issues a loss mitigation title endorsement, allowing the servicer to move ahead with modification. The same process can be applied to loans already in default. At the loan servicer's request, iMS will also perform additional valuation, recordation or settlement services.
For borrowers who do not qualify for modification, the iMS solution can be upgraded to address formal refinancing. Lenders gain access to the full range of valuation and title services through iMS' PropertySmart platform, including collateral valuation with optional warranties, title insurance, settlement services and recordation.
