LenderLive Launches Gov. Loan Mod Campaign with Top Servicer

Denver, Colorado-based ""LenderLive Network Inc."":http://www.lenderlive.com, a company that provides business process outsourcing and technology to the financial industry, announced on Monday that it has successfully launched its first large-scale Home Affordable Modification Program (HMP) campaign with one of the nation’s top four servicers.
HMP is part of the Obama administration's recently unveiled Making Home Affordable program, and will allow up to four million Americans modify their existing home loans. With this campaign, LenderLive plans to manage all of the inbound and outgoing documents required to modify a loan under the government's mortgage relief program, including certain fulfillment processes.
Rick Seehausen, CEO of LenderLive Network, commented, ""At launch, we anticipate processing nearly 2,000 transactions per day, where success is measured in terms of seconds per transaction. HMP is a document preparation- and document management-intensive campaign and also requires thorough customer contact efforts, as well as disciplined underwriting practices."" According to Seehausen, LenderLive's expertise in these areas is the main reason servicers are seeking the company's help to ensure they are in full compliance with the program guidelines and the presidential mandate for home retention actions.
Many servicers have committed to participate in the government's loan mod program, and although LenderLive would not release the name of the top servicer that was part of Monday's launch, the outsourcer said it already has another five servicers in the queue preparing to initiate the HMP campaign.
In a press statement, LenderLive said it is ready to provide any service function related to HMP, such as counseling functions to reach borrowers, determining trial period and modification eligibility, responding to borrower questions about the program as well as what they need to provide in the qualification process, and borrower surveillance calls during the trial period. The company said its strength in underwriting, loan reviews, and document preparation will also play a vital role in verifying borrower requirements for an HMP loan modification.
According to Seehausen, many servicers are not currently prepared to handle the level of borrower contact nor the volume of documents required under the federal loan mod program. Seehausen says that's where LenderLive comes in - operationally ready, with the systems and knowledge in place for a successful HMP campaign.
Also part of the Making Home Affordable program is the Home Affordable Refinance (HAR) initiative, which is aimed at offering favorable, streamlined refinance terms to another four to five million borrowers. In addition to providing outsource solutions to servicers for the HMP, LenderLive said it is also operational and system-ready to manage HAR campaigns for servicers.