IMS Launches Notary Service to Expedite Loss Mitigation Process
Monday, November 03, 2008
As the number of defaults and foreclosure filings continue to rise across the country, servicers face pressures from all sides – from within the industry, and now from federal regulators, the general media, and even the judicial system – to finalize workouts at a faster rate. Integrated Mortgage Solutions (IMS) announced yesterday at the Mortgage Bankers Association's 95th Annual Convention and Expo in San Francisco, that it has expanded its loss mitigation package to do just that.
Houston, Texas-based IMS, a collateral protection resource for the mortgage servicing industry, said that its loss mitigation solutions will now include IMS' Notary Service, an eService product that facilitates the signing and notarization of loan documents online.
Based on recent surveys, 40 to 50 percent of loss mitigation packages are not returned from the borrower to the servicer, IMS said. The company's Notary Service solution increases the success rate of these loss mitigation packages.
With Notary Service, whether the servicer utilizes eServices technology or the traditional paper document package delivery, IMS will draw the documents and coordinate a meeting with both the notary and the borrower. IMS determines a specific date, time, and location requested by either the servicer or the borrower to have the documents notarized via electronic signature pad or the actual paper documents. IMS will perform quality assurance checks and then record the documents.
“With more than 2,000 borrowers going into foreclosure each day, successful loss mitigation is of critical importance,” said Cheryl Lang, president of IMS. “IMS recognizes the value that loss mitigation brings to the servicer and has designed solutions to address this need. Our eServices capability is just one solution in an effort to assist lenders in improving efficiency throughout the default servicing process.”
Lang added that the company's new Notary Service offering benefits both homeowners and servicers. Notary Service makes it easy for borrowers to complete loss mitigation packages while at the same time, helps improve servicer's loan portfolios, Lang said.
IMS said that all its products and services are now offered as eServices, including its Web Services and Web phone. Web Services is a direct, secure connection to IMS' system that is designed for servicers to order inspections, preservation, and loss mitigation work orders in real-time with little or no IT intervention or disruption of operational processes. It automates the data and eliminates the need for a separate database. IMS' Web Phone is designed for contractors to transmit information to IMS in real-time, eliminating the need for printed materials. In addition, all IMS eServices are MISMO SMARTDoc compatible.
Houston, Texas-based IMS, a collateral protection resource for the mortgage servicing industry, said that its loss mitigation solutions will now include IMS' Notary Service, an eService product that facilitates the signing and notarization of loan documents online.
Based on recent surveys, 40 to 50 percent of loss mitigation packages are not returned from the borrower to the servicer, IMS said. The company's Notary Service solution increases the success rate of these loss mitigation packages.
With Notary Service, whether the servicer utilizes eServices technology or the traditional paper document package delivery, IMS will draw the documents and coordinate a meeting with both the notary and the borrower. IMS determines a specific date, time, and location requested by either the servicer or the borrower to have the documents notarized via electronic signature pad or the actual paper documents. IMS will perform quality assurance checks and then record the documents.
“With more than 2,000 borrowers going into foreclosure each day, successful loss mitigation is of critical importance,” said Cheryl Lang, president of IMS. “IMS recognizes the value that loss mitigation brings to the servicer and has designed solutions to address this need. Our eServices capability is just one solution in an effort to assist lenders in improving efficiency throughout the default servicing process.”
Lang added that the company's new Notary Service offering benefits both homeowners and servicers. Notary Service makes it easy for borrowers to complete loss mitigation packages while at the same time, helps improve servicer's loan portfolios, Lang said.
IMS said that all its products and services are now offered as eServices, including its Web Services and Web phone. Web Services is a direct, secure connection to IMS' system that is designed for servicers to order inspections, preservation, and loss mitigation work orders in real-time with little or no IT intervention or disruption of operational processes. It automates the data and eliminates the need for a separate database. IMS' Web Phone is designed for contractors to transmit information to IMS in real-time, eliminating the need for printed materials. In addition, all IMS eServices are MISMO SMARTDoc compatible.
