Brookfield, Wis.-based Fiserv, Inc., provider of information technology services to the financial industry, has enhanced capabilities to its Home Retention Solutions offering that help financial institutions proactively identify and contact troubled borrowers with customized repayment solutions to try to keep them out of foreclosure.
In addition, Fiserv is supporting programs such as Fannie Mae's Home Saver Advance Program, which provides an advance to cover past-due mortgage payments in exchange for a separate, unsecured loan, and the newly introduced Streamlined Modification Program, in which borrowers receive reduced interest rates or longer loan terms to make their payments more affordable.
Other enhancements developed since the initial launch of Home Retention Solutions in June 2008 are "one-touch" customer contact and advanced loss mitigation workflow tools that more fully automate the loan modification process, including secure electronic delivery of modification documents to borrowers with an electronic signature option when available. One-touch contact with borrowers includes the initial call, best-fit workout workflow, document preparation and fulfillment. The addition of electronic document delivery with electronic signature options provides the ability to quickly finalize the terms of the loan modifications with borrowers in a secure, legally compliant and auditable workflow.