Bethesda, Maryland (PRWEB) January 22, 2009
Overture Technologies, the leading service provider of decisioning solutions for transparent, correct and responsive lending procedures, announced these days the start of Mozart for Particular Servicing, an automatic decisioning program for servicing distressed mortgage belongings. Mozart for Specific Servicing is created to tackle the unparalleled quantity of delinquent mortgages in the U.S. nowadays as effectively as the increasing complexities in modifying financial loans and mitigating monetary losses thanks to foreclosure. Mozart for Unique Servicing allows servicers to manage and successfully utilize a far more robust set of options to borrowers in distressed home loans, and far more speedily yield a “greatest-in shape” modification that can decrease repeat default prices and protect the price of mortgage assets.
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According to the latest Mortgage Bankers Association Nationwide Delinquency Survey, the residential residence delinquency fee at the finish of the 3rd quarter of 2008 was six.ninety nine per cent, up a hundred and forty foundation factors from the identical interval in 2007 and the greatest recorded in the MBA study. According to a latest report by RealtyTrac, foreclosures filings were up 81% from 2007 and default or auction notices ended up recorded on a lot more than two.3 million properties in 2008. Credit Suisse estimates another 8.one million foreclosures are expected amongst 2009 and 2012. The existing charge of defaulting home loans in the U.S. nowadays much exceeds the manpower potential for financial institutions or servicers to work with borrowers employing traditional techniques and is probably to result in far more foreclosures than successful bank loan workouts.
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“Significant bank loan-level knowledge and examination, up-entrance, and surgically used is needed to control the unparalleled volume of distressed mortgages and growing complexities of merchandise, plans, and regulatory recommendations in the 21st century house loan business,” mentioned Linda Simmons, general supervisor of Overture Technologies’ Mortgage Finance Solutions. “Mozart for Specific Servicing can speedily offer a a lot more precise, recent see of borrower and asset details, supply a broader selection of ideal alternate options to debtors, decrease recidivism by receiving borrowers into the right answers the initial time and produce an audit trail for transparency.”

Mozart for Special Servicing leverages Overture Technologies’ award-profitable automated decisioning engineering utilised in mortgage underwriting in a process referred to as, “automated re-decisioning,” implementing a sophisticated guidelines program to re-appraise risk and value of a financial loan at any level along the mortgage value chain. Mozart for Specific Servicing allows servicers to:
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*Get the borrower into the correct option the initial time, minimizing recidivism and maximizing owner-occupied residence retention employing much more current, related knowledge and data about the borrower and the asset.

*Align the interests of debtors, bankers, secondary markets, traders and other 3rd functions at the commencing of the mortgage modification approach, as nicely as keep up with changing policies and demands.
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*Maintain steady, defensible, and transparent, procedures, stages of discretion and acceptance procedures, calculations and agreed upon results for every single loan, no matter of spikes in quantity and industry booms.
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*Give personalized workout possibilities at the bank loan amount, even though nonetheless producing it straightforward for Unique Servicing operations to scale up to satisfy the volume of present day crisis
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*Leverage existing infrastructure, integrate with legacy techniques and other information services.
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Mozart for Special Servicing gives the greater transparency essential by investors, auditors and regulators with English-language policies, total background of information modifications, selections, and selected choices. The application solution integrates with and enhances current work stream techniques and is deployed as a application-as-a-services. Mozart for Particular Servicing is available now and can be configured, built-in and managing in a issue of weeks.

To see a demonstration of Overture Technologies’ Mozart for Special Servicing, check out booth #518 at the House loan Bankers Affiliation National House loan Servicing Conference in Tampa, February seventeen-20.

About Overture Technologies
Started in 2000, Overture Systems is the foremost provider of decisioning answers that empower clear, precise and responsive lending procedures for the home loan and greater education lending industries. Overture Technologies’ consumers are committed to offering exceptional home loan underwriting, servicing and securitization services and to growing students’ access to larger education financing alternatives. The firm’s leadership team applies many years of knowledge from leading economic companies and technologies corporations like Fannie Mae, Freddie Mac, Goldman Sachs, IBM and KPMG to help our clients obtain their targets. For more information, call (301) 492-2155 or go to http://www.overturecorp.com.

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