show-ready condition, which helps to drive sales. By being proactive, Atlas REO consistently achieves high scores from their clients on property condition and maintenance. We’re proud to be part of a process that is dedicated to providing clients with added value.”
New Equifax and Interthinx Partnership Provides Increased Underwriting Transparency
HOPE LoanPort has announced that it will partner with the state of Maryland and mortgage servicer GMAC Mortgage (GMACM) on a direct-to-consumer foreclosure mediation portal. GMACM is funding development of the portal and will be the first mortgage servicer to use it. The portal, scheduled to go live in October 2011, will be the first statewide program in the nation to allow homeowners and servicers to exchange documents electronically prior to foreclosure
mediation. Maryland state law provides homeowners who receive a notice of foreclosure the opportunity to meet with their servicer and a mediator to discuss alternatives to foreclosure. A homeowner has 25 days after receiving a notice of foreclosure to “opt-in” to foreclosure mediation. HOPE LoanPort has also partnered with the state of Maryland to provide a Web-based portal for Maryland homeowners working with housing counselors to apply for unemployment assistance through Maryland’s Emergency Mortgage Assistance (EMA) program. “We are thrilled that both GMAC Mortgage and the state of Maryland are going to use HOPE LoanPort for this important initiative,” said Larry
Gilmore, president and chief executive officer of HOPE LoanPort. “For the first time, at-risk homeowners will be able to upload all of the documents necessary for foreclosure mediation without lost paperwork and with improved communication.” By developing a Web-based mediation solution for both the state of Maryland and mortgage servicers such as GMACM, HOPE LoanPort will offer the following benefits to homeowners: Easier document exchange with mortgage servicers. Electronic submission of all necessary documents for mediation. Faster access to assistance from continued on page 32
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Equifax and Interthinx have announced an expansion of their existing relationship to Photo credit: Creatas Images give financial institutions unprecedented visibility into the underwriting process. Now, Interthinx clients can seamlessly access The Work Number’s fully automated solution for verified employment and income (VOE/VOI) through FraudGUARD to reduce lenders’ exposure by delivering timely and increased transparency into a borrower’s true current employment status and ability (capacity) to pay. “Obtaining current, independently verified income information can be a challenge, and one that presents a certain level of uncertainty that a lender may not want to accept,” said Craig Crabtree, senior vice president of mortgage services for Equifax. “Given today’s volatile market conditions, having timely and increased transparency into a borrower’s true current employment status and ability (capacity) to pay is more important than ever, and integrating The Work Number’s income and employment verifications into FraudGUARD enables lenders to effectively outsource this critical function of loan production with assurance.” This integration of VOE/VOI into FraudGUARD expands upon Equifax’s existing relationship with Interthinx. In March, Equifax announced the integration of Undisclosed Debt Monitoring— a system of monitoring and notifying financial institutions of new accounts and borrower activity initiated during the “quiet period,” which spans from the application date to the mortgage closing—within FraudGUARD. A solution that is “always on,” Undisclosed Debt Monitoring alerts lenders of borrower activity that may represent risk associated with mortgage loans in their pipelines. The Work Number’s VOE/VOI is now integrated into the confidence score FraudGUARD delivers to lenders. “Interthinx remains committed to helping lenders mitigate risk, eradicate fraud and support compliance, and adding VOE/VOI to our solution furthers this commitment,” said Mike Zwerner, senior vice president of business development for Interthinx. “Together with The Work Number, we are poised to deliver automated verifications that further streamline the risk mitigation process for lenders.”
Direct to Consumer Foreclosure Mediation Portal Launched in Maryland