Fiserv Platform Meets HAMP Requirements


Inc.'s Loan Servicing Platform has extended its loss mitigation features and is fully compatible with the Treasury's guidelines for the Home Affordable Modification Program (HAMP), the company says. The platform utilizes integrated default management tools that allow servicers to track and study the loans being modified, enabling servicers to formulate best-option workout scenarios based on operational business rules, while meeting HAMP guidelines. "Fiserv has been fully engaged with the Treasury and GSEs in order to provide all the functionality to meet the program's specific requirements," says Greg Fontenot, assistant vice president, Loan Servicing Solutions for Fiserv. "Our continual investment enabled our Loan Servicing Platform to deliver the flexibility and capability required to meet the HAMP guideline as soon as it was announced in March." Over the past 24 months, Fiserv has focused on enhancing the loan modification and loss mitigation features of the Loan Servicing Platform. The platform has support built into the core system that helps servicers determine if the borrower is eligible for a HAMP modification. Platform capabilities include built-in loss mitigation workflow tools to streamline operations and increase efficiency, GSE investor reporting, secure electronic delivery of documents and full escrow analysis processing, among others. In addition, several enhancements are under way, including additional deferred principal functionality, enhanced ability to gather personal financial information, and a HAMP-specific screen to present a full picture of the modified loan. "Under HAMP guidelines, defaulted loans must be evaluated one loan at a time," Fontenot says. "The challenge for servicers is to maintain uniformity and consistency in the qualification process, even as volumes increase and workflow processes change." SOURCE:

Leave a Comment

Notify of