The tool enables loss mitigation professionals to instantly determine the eligibility of a loan modification, based on HAMP guidelines. The system applies the base NPV calculations and defines the reduced rate, modified term, step-rate along with principal forbearance (if suggested), all in real-time. It then produces the package for the servicer’s review.
“Servicers are overwhelmed with the volume of loan modifications they are receiving right now and can not deal with them because they are so busy dealing with borrowers who are closer to being foreclosed upon,” said Tom Sato, President of ADAPT. “This tool will allow loss mitigation specialists to do the heavy lifting for mortgage loan servicers, providing them with deals that will meet HAMP guidelines, complete with the paperwork to move the deal through to closing. This is the solution the industry has been looking for.”
ADAPT provides a secure pre-qualification application exchange, which is triggered by the end-user, enabling the homeowner to enter data in a secure web environment. The tool informs all parties that the homeowner is required to enroll into a HUD-approved housing counseling program automatically if it detects that the back-end DTI exceeds 55%. The system will automatically import the borrower’s data into the Freddie Mac Loss Mitigation Transmittal Summary form as soon as it automatically confirms borrower eligibility.
About ADAPT Enterprise, LLC
ADAPT Enterprise, LLC is a Delaware Company with its Corporate Offices located in Ronkonkoma, NY. The foundation of the company has been built upon a deep understanding of the loan default process, which has been applied to a proprietary platform which creates operational efficiencies by automating the manual processes. ADAPT, which stands for Automated Decisioning Asset Performing Technologies, enables the Loss Mitigation Specialist to quickly identify and pre-qualify borrower eligibility for rules-based modification. As an emerging Software-as-
