Loss mitigation service provider MOS Group has launched E-Z Mod, a proprietary loan modification workflow management and tracking system.
MOS Group developed E-Z Mod based on its experience working with over 100,000 borrower cases since the launch of the Home Affordable Modification Program (HAMP) this spring, the company says.
With E-Z Mod, authorized users from MOS Group's disparate divisions can manage and track each and every document in real time throughout the entire workflow process. The system alerts end users on next steps, provides detailed status updates that include outstanding items and explanations, and allows access to every document received by each borrower.
The result, MOS Group says, is a reduction in document-retrieval time and increased effective submission rates from current trial-plan borrowers of MOS Group's client servicers. E-Z Mod is currently being used for HAMP modifications, as well as for investor-specific programs.
"One of the biggest challenges we have seen within the HAMP program has been getting borrowers to return the required documents accurately and in a timely manner, and E-Z Mod was created to address that very issue," says Greg Hebner, president of MOS Group. "With E-Z Mod, we can help our clients substantially increase their modification completion percentage while reducing the costs resulting from repeated, excessive and now unnecessary borrower contact on the same loan file."
E-Z Mod utilizes a proprietary scanning and indexing platform that interfaces with MOS Group's document-retrieval and review-workflow system.
SOURCE: MOS Group