xplair Technology LLC, a provider of portfolio management software, has added a Loss Mitigation Midsourcing module to its illumair Management System (iMS). iMS is a Web-based residential mortgage portfolio management platform designed to link financial institutions and investors with servicers and other loss mitigation agents through online access to proprietary loan and real estate owned asset data.
The new module was designed to meet reporting requirements for government-sponsored enterprise (GSE) programs, including the Home Affordable Modification Program (HAMP), Home Affordable Foreclosure Alternatives and Fannie Mae's Deed-for-Lease, the company says. With the module, servicers and component servicers may access and manipulate data to deliver reports that also meet the Treasury Department's reporting guidelines. Built-in GSE-compliant timelines create indicators and exception reports as relevant timelines approach.
iMS' user base has grown by 70% since the fourth quarter of 2009, and asset volume has doubled, xplair says.
"Having recently received certification to participate in HAMP, we believe that iMS' Midsourcing module will be a distinct advantage as timelines built into the module are compliant with those of the government programs which ensures a cohesiveness between the servicer, the borrower and outside third parties, such as agents and brokers," says Richard Cimino, CEO of Irving, Texas-based iServe Servicing Inc.
As previously announced, xplair has also created an alliance with real-time real estate data provider, Altos Research to provide property listing monitoring at the ZIP code, county, metropolitan statistical area levels. The real estate market analytics available in iMS through the Altos Research partnership now provide over 4.5 years of historical industry data, xplair says.