Electronic Loan Modification Systems will Expedite Foreclosure Workouts

SigniaDocs of Dallas has taken the lead in introducing electronic loan modification systems that will expedite foreclosure workouts. It includes the widest array of services available in the country. With its extra functions SigniaDocs is now able to support any type of loan negotiation plan that the industry supports. It will make it possible for each lender as well as servicer to benefit from this technology. The nature of the individual transactions will not act as a barrier.

In the traditional method the servicers have operated with paper based documents. This failed to keep up pace with the astronomical number of applications leading to a failure of the entire plan. This has made it more imperative to put forward a new method that will rise to the demand.

Obama has been emphasizing the Home Affordable Modification Program or HAMP. It requires the servicers to undertake more scrutiny as this branch of the mortgage industry is being held largely responsible for trying to contain foreclosures and keep the people from being evicted.

The electronic method is working out to be more efficient than the previous paper based process. It is easy to use and gives immediate results. Most of the loan modifications done on paper took 40 to 60 days for completion. Thus by the time it reached the borrowers they had lost all faith in being able to save their homes. But with eModifications the documents are ready instantly and within minutes. According to data it is noted that the modifications are completed on the same day of submission of application. More than 80% are processed within two working days.

The expanded functions of the SigniaDocs are offered at low cost and greater efficiency. It covers all the processes involved in loan workouts – modifications, multiple step modifications, changeover from ARM to fixed rate loans, fixed balloon loans etc. The president of SigniaDocs Tim Anderson commented that the industry has to be as creative as the situation demands at this moment crisis. He said, “We all have to be flexible and creative in this environment. It all starts with HAMP compliance and other programs in the Obama Plan, but it certainly doesn’t end there. It is our responsibility as a leader in the eMortgage space to not just keep abreast of what the industry is doing but to anticipate what may be coming over the horizon. We eliminate the inefficiencies of printing and transporting paper across all parties in the modification process, and replace it with speed, security, transparency and green processes, all at vastly reduced time and cost. Now we’re making certain that we’re ready for virtually any type of transaction the industry can come up with, including some they haven’t thought of yet.”

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