Integrated Mortgage Solutions (IMS), a collateral protection resource for the mortgage servicing industry, announced today the launch of Asset Disposition and Management Services (ADAM), a special division to handle the company’s suite of loss mitigation services. Within this division, IMS will continue its loss mitigation services such as skip tracing, door-knocker, inspections, and preservation, as well as its borrower outreach call center and short sale service.
IMS’ call center is also geared to assist lenders and servicers with the new streamlined loan modification program (SMP) announced last month by the Treasury Department, the Federal Housing Finance Agency (FHFA), the Department of Housing and Urban Development (HUD), and HOPE NOW.
“IMS is here to assist lenders, servicers and borrowers in keeping the borrower in their home to minimize foreclosure activity,” said Cheryl Lang, president of IMS. “Unfortunately, loss mitigation is typically a very long and complicated process, often ending with a compromise not being reached between the parties involved. ADAM works as an extension of the lenders’ loss mitigation operations to increase efficiency, handle overflow, and insure a smooth and beneficial workout or short sale agreement is reached.”

The IMS philosophy is to reach out to the borrower and make that soft contact on behalf of the servicer, separate and apart from a collection environment, the company explained in a press statement. By opening up the dialog with the borrower and providing one single point of contact throughout the loss mitigation process, IMS can substantially increase the success rate of loss mitigation initiatives for the lender, the company said.
As financial and housing markets have continued to decline, more than 1.5 million homes were in foreclosure at the end of June 2008, a number expected to rise steeply through 2009. A short sale option provides benefits both to the lender and borrower, by decreasing the loss taken by the lender on a defaulted property, while providing the borrower with an alternative to foreclosure.
IMS’ new ADAM business unit provides the lender with experienced asset managers in conjunction with IMS’ Web-based technology platform to customize and manage a loss mitigation outreach and short sale approach based on the lender’s business model, IMS said. The company’s unique short sale model will significantly expedite the closing process thus greatly increasing the chances that interested buyers will not be lost during a long approval process, IMS explained.
“For lenders and borrowers, short sales are always a welcomed alternative to the foreclosure process by reducing the lender’s loss severity, and the borrower can remain in the home until closing,” Lang said. “At IMS, we focus on finding the best option for the borrower, while ensuring the lender receives the maximum return on their asset. A foreclosed property is not only bad for both parties involved, it often is the cause of far-reaching effects such as theft and vandalism that lower surrounding home values. Short sales keep neighborhoods free of blight and IMS is dedicated to making the process a mutually beneficial and simple alternative.”