new to market
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future appreciation should the property be sold or refinanced. When the transaction is complete, the borrower gets to stay in the home and keeps a monetary stake in the property. As is typical in a corporate debt restructuring, the essential feature of the RESET modification is a fair, debt-for-equity exchange that benefits both the lender and the homeowner. â€œRESET provides lenders and borrowers with a much needed win-win solution to negative equity,â€? said Niraj Patel, group president of ISGN. â€œBorrowers get to stay in their homes
and have pride of ownership. And lenders have an alternative to the losses associated with short sales and foreclosuresâ€”they finally have a way to recoup at least some of the deficit that results from addressing the seriously delinquent or underwater loans in their portfolios.â€? RESET was created by combining ISGNâ€™s automated NPV (net present value) technology, call center capabilities, and loan modification processing centers with EquityRockâ€™s equity sharing product technologies. The result is a turnkey, innovative set of solutions that
keep homeowners with troubled loans in their homes, while also maximizing value to the lender. â€œRESET is a natural evolution of a technology we developed, which provided the first introduction of pure real estate equity as an investable asset class to institutional investors in the United States,â€? said James Riccitelli, cochief executive officer of EquityRock. â€œRESET supports public policy, as it is focused on permanent loan modifications and home retention, whereas REO and short sale result in home abandonment. We believe the majority of underwater mortgages that are fixed with RESET will stay fixed.â€? For more information, visit www.ISGN.com.
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Wolters Kluwer releases StateLink tool for compliance Wolters Kluwer Financial Services has added new functionality to its StateLink tool to help mortgage lenders prepare to comply with pending state and federal regulatory changes. StateLink, which provides actionable information on enacted and pending legislation, will now offer lenders additional clarity about legislative changes before they take effect. A Web-based compliance knowledge base, StateLink monitors regulatory requirements surrounding first mortgages and closed-end second mortgages, such as those tied to disclosures, fees and recordation. It offers continuously updated information for all 51 U.S. jurisdictions and now also provides text highlights to emphasize upcoming regulatory revisions. StateLink reported 53 regulatory updates in 28 states through March. Mortgage lenders receive e-mail alerts from StateLink about upcoming rule changes in the states where they do business. This can help them adjust their compliance policies and procedures before new requirements take effect. In addition, StateLink enables lenders to see how regulatory changes will affect their mortgage documents. StateLink provides links to sample versions of Wolters Kluwer Financial Servicesâ€™ electronic VMP Mortgage Solutions documents to illustrate the changes that will be made. Built upon more than 40 years of industry experience and expertise, VMP Mortgage Solutions forms are regularly updated to reflect regulatory revisions. â€œFinancial institutions are working to address increasingly complex and rapidly changing regulatory challenges with far fewer resources and shorter turn times than in the past,â€? said Jason Marx, vice president and general manager of mortgage for Wolters Kluwer Financial Services. â€œAs a comprehensive electronic resource on current and pending legislation, StateLink helps lenders plan for and meet regulatory requirements and manage their compliance research more effectively.â€? For more information, visit www.wolterskluwerfs.com/statelink.
Prudential Mortgage Capital launches program for multifamily properties Prudential M o r t g a g e Capital Company has launched the Agency Gateway program, a new shortterm loan program for multifamily property owners seeking to refinance or acquire properties that do not currently qualify for a Fannie Mae or Freddie Mac permanent loan. Under this new program, the company will target loans of $5 to $25 million secured by fullyconstructed or renovated multifamily continued on page 41
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