Bethesda, Maryland (PRWEB) January 22, 2009
Overture Technologies, the major provider of decisioning solutions for transparent, precise and responsive lending processes, announced these days the launch of Mozart for Special Servicing, an automated decisioning method for servicing distressed mortgage assets. Mozart for Specific Servicing is developed to address the unprecedented volume of delinquent mortgages in the U.S. right now as nicely as the rising complexities in modifying loans and mitigating monetary losses due to foreclosure. Mozart for Unique Servicing allows servicers to handle and effectively apply a far more robust set of options to borrowers in distressed mortgages, and a lot more rapidly yield a “very best-match” modification that can minimize repeat default rates and preserve the value of mortgage assets.

According to the latest Mortgage Bankers Association National Delinquency Survey, the residential property delinquency price at the finish of the third quarter of 2008 was six.99 percent, up 140 basis points from the exact same period in 2007 and the highest recorded in the MBA survey. According to a recent report by RealtyTrac, foreclosure filings have been up 81% from 2007 and default or auction notices have been recorded on far more than two.three million properties in 2008. Credit Suisse estimates one more 8.1 million foreclosures are expected among 2009 and 2012. The current rate of defaulting mortgages in the U.S. right now far exceeds the manpower capacity for banks or servicers to function with borrowers employing standard strategies and is probably to result in much more foreclosures than productive loan workouts.

“Considerable loan-level data and evaluation, up-front, and surgically applied is needed to handle the unprecedented volume of distressed mortgages and increasing complexities of merchandise, applications, and regulatory guidelines in the 21st century mortgage industry,” stated Linda Simmons, basic manager of Overture Technologies’ Mortgage Finance Options. “Mozart for Particular Servicing can swiftly give a much more accurate, existing view of borrower and asset data, supply a wider variety of suitable alternatives to borrowers, minimize recidivism by obtaining borrowers into the appropriate solutions the very first time and create an audit trail for transparency.”

Mozart for Particular Servicing leverages Overture Technologies’ award-winning automated decisioning technology utilized in mortgage underwriting in a procedure known as, “automated re-decisioning,” applying a sophisticated guidelines program to re-evaluate risk and value of a loan at any point along the mortgage value chain. Mozart for Particular Servicing enables servicers to:

*Get the borrower into the right choice the very first time, decreasing recidivism and maximizing owner-occupied house retention using a lot more existing, relevant data and data about the borrower and the asset.

*Align the interests of borrowers, bankers, secondary markets, investors and other third parties at the beginning of the loan modification approach, as effectively as hold up with altering policies and needs.

*Preserve consistent, defensible, and transparent, processes, levels of discretion and approval practices, calculations and agreed upon outcomes for every loan, regardless of spikes in volume and business booms.

*Provide tailored workout alternatives at the loan level, even though nonetheless creating it effortless for Unique Servicing operations to scale up to meet the volume of today’s crisis

*Leverage existing infrastructure, integrate with legacy systems and other data facilities.

Mozart for Unique Servicing provides the greater transparency needed by investors, auditors and regulators with English-language policies, comprehensive history of details alterations, decisions, and chosen possibilities. The software resolution integrates with and enhances current work flow systems and is deployed as a computer software-as-a-service. Mozart for Particular Servicing is obtainable now and can be configured, integrated and running in a matter of weeks.

To see a demonstration of Overture Technologies’ Mozart for Special Servicing, go to booth #518 at the Mortgage Bankers Association National Mortgage Servicing Conference in Tampa, February 17-20.

About Overture Technologies
Founded in 2000, Overture Technologies is the leading provider of decisioning solutions that enable transparent, correct and responsive lending processes for the mortgage and greater education lending industries. Overture Technologies’ buyers are devoted to providing superior mortgage underwriting, servicing and securitization services and to increasing students’ access to higher education financing options. The company’s leadership group applies decades of expertise from leading economic services and technology firms which includes Fannie Mae, Freddie Mac, Goldman Sachs, IBM and KPMG to support our customers achieve their ambitions. For additional details, contact (301) 492-2155 or pay a visit to http://www.overturecorp.com.

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