Retreat Capital and Ellie Mae Partner to Provide Loan Mods

Lake Forest, California-based ""Retreat Capital Management, Inc."":http://www.RetreatCapital.com, a third-party arbitration services company that specializes in bringing loans back to performing status and keeping borrowers in their homes, announced on Wednesday that it is collaborating with software provider ""Ellie Mae"":http://www.elliemae.com to provide lenders with loan modification services.
As part of this cooperative effort, Ellie Mae will make Retreat Capital Management’s mortgage loan modification services available to its nationwide customer base of more than 120,000 mortgage professionals using its ""Encompass Mortgage Management Solution"":http://www.elliemae.com/products/los_encompass_overview.asp.
Retreat Capital Management handles the entire mortgage modification process for its client lenders, from initial analysis to closing and MIS reporting. The company says this end-to-end approach gives lenders the ability to have a full-fledged loss mitigation division without the costs and ramp-up time involved in hiring a permanent staff.
Arvin Wijay, CEO of Retreat Capital Management, said, ""In this market, lenders are in dire need of loss mitigation and foreclosure prevention services, but unfortunately, there’s such an influx of activity that they don’t always have the time to develop a workable solution on their own. By collaborating with Ellie Mae, Retreat Capital is enabling a great number of financial services institutions to access loss mitigation solutions quickly, easily and economically.""
In order for Ellie Mae users to access Retreat Capital Management’s loss mitigation solutions, they may either directly upload borrower information through their Encompass systems, or fax the information to Retreat Capital Management. Retreat Capital uses a rules-based loss mitigation technology platform that interfaces with the lender’s servicing system.
Once a mortgage is submitted, the technology matches that loan against all available loss mitigation options to determine the most suitable solution. At that point, one of Retreat Capital’s negotiation specialists contacts the borrower to present the workouts, and once a resolution is reached, Retreat Capital handles all of the required paperwork and closing actions.
According to Wijay, now more than ever, it’s important for lenders to communicate with borrowers. ""Contrary to what many may believe, a great number of typical hardship conditions tend to be temporary in nature. That means families or individuals who can be helped through a temporary cash flow challenge can often successfully resume making their monthly mortgage payments,"" Wijay said, adding that a re-performing loan not only allows the borrower to stay in their home, but saves lenders the exorbitant costs associated with foreclosures and REOs.