LoanCare Servicing Center Inc., a subsidiary of LandAmerica Financial Group Inc., is using Wolters Kluwer Financial Services' Document Services Platform to help its mortgage servicing clients modify loans for distressed homeowners, Wolters Kluwer says.
LandAmerica will use the platform to build loan modification document packages for its servicers that are compliant with investor requirements. LandAmerica can also securely and electronically deliver the packages on behalf of servicers to borrowers for review, e-consent or e-signature. Doing so allows LandAmerica and its servicers to modify loans in a day or two versus a week or more, according to Wolters Kluwer, allowing them to realize cost savings in the form of reduced printing, handling and mailing costs.
‘The faster we can move in modifying a loan, the greater the chance a borrower will get to remain in their home and that the servicer can retain revenue from that loan,’ says Gene Ross, president of LoanCare. ‘Automating the loan modification process with Wolters Kluwer Financial Services' Document Services Platform helps us accomplish both of these objectives.’
SOURCE: Wolters Kluwer