CoreLogic has introduced IntelliMod, a Web-based application that accelerates loan modifications that automates decisioning and fulfillment for both government and private investor programs.
The new application simplifies the loan modification decision process and offers a complete audit trail of all the decisions. With Home Affordable Modification Program (HAMP) and GSE decisioning cascades and parameters embedded in the system, it automatically runs the needed calculations to find out the borrowers’ eligibility to modify their loans.
Additionally, the application gives clients the chance to build unlimited sets of investor and servicer-specific cascades. These cascades can be linked to flow from one waterfall to the next until modification terms are met or all the retention options are explored.
IntelliMods allows servicers to remove manual calculations and allows them to process single loans or batch upload hundreds at a time. As soon as the user selects the modification profile (term extension, rate or principal reduction), the application runs the loan or loans via the selected cascade, and delivers a decision within seconds.
Once approved by the user, IntelliMods instantly generates the appropriate modification package. The packages can be sent to the servicer’s production house for printing, assembly and shipping or to FedEx for printing and overnight delivery to the borrower. The FedEx option includes a pre-paid return envelope and incorporates the outbound and inbound tracking numbers into IntelliMods, allowing servicers to track the package process through recordation.
As a hosted, Web-based system, IntelliMods requires minimal IT resource implementation and is constantly updated with the latest government program criteria. It also records and maintains full audit trail data, including date, time and name of user connected with each action and decision.
“Although servicers offered more than 1.7 million HAMP trial modifications in 2010, there are still millions of loans more than 90 days delinquent,” said Scott Brinkley, CoreLogic senior vice president of outsourcing and technology solutions (OTS). “As regulatory pressures and ‘Second Look’ reviews continue to increase, there is still a significant need to speed the loan modification process and an even greater need to provide auditable, defensible decisioning.”
“Servicers explained to us they needed better automation and workflow tools to handle demand. IntelliMods provides incredible lift to overburdened loan modification efforts by eliminating manual processes — with the added benefit of integrated document generation, delivery and tracking," Sapan Bafna, OTS director responsible for IntelliMods at CoreLogic added. "IntelliMods can also be combined with other CoreLogic services—such as borrower outreach, data validation and augmentation, and recordation—to round out a servicer’s loan modification solution.”