MDA DataQuick, a division of MDA Lending Solutions, has expanded its loss mitigation tools to include Collateral Monitor for portfolio management, review, acquisition or sale.
Collateral Monitor enables lenders and servicers to identify loans in imminent risk of default by compiling multiple sources of data into one source. Lenders and servicers can leverage the data to track changes in vital risk characteristics, such as occupancy and additional liens, the company explains.
The product provides up-to-date collateral risk information and notifies the loan holder when post-closing changes occur, MDA DataQuick adds.
‘Lenders and servicers are dealing with a tremendous influx of defaults and foreclosures, but it is those loans on the verge of default that are most insidious and potentially harmful to already battered portfolios,’ says John Walsh, president of MDA DataQuick.
SOURCE: MDA Lending Solutions