- VendorScape(TM) Enhancements Include Modification Decisioning and Reporting Tools, Plus Integrated Online Borrower Portal to Help Servicers Accelerate Loan Modifications -

DALLAS, July 14 /PRNewswire-FirstCall/ -- First American Outsourcing and Technology Solutions, a member of The First American Corporation (NYSE: FAF) family of companies and a leader in business outsourcing solutions, today announced enhancements to the loss mitigation module of its VendorScape(TM) platform that fully support the Home Affordability Modification Program (HMP). Further, the addition of a private-label, online communications portal increases servicer capacity to reach more borrowers and potentially modify a greater number of loans.

First American added an HMP Plan Analysis Section to its platform to automate and streamline HMP eligibility determination. The module uses an intelligent, rules-based interview, financial analysis and embedded HMP business rules to enable loss mitigation specialists to walk borrowers through the modification process. Complex waterfall calculations are performed in real time and quickly direct specialists to the optimal workout path.

The module comprises an integrated modification plan schedule, step-rate schedule and Home Affordable Modification Calculator to perform correct run rate and term and principal forbearance waterfall calculations. Further, the platform's rules engine is flexible and fully configurable allowing servicers to quickly adapt the solution to plan changes. Integrated reporting helps servicers comply with the extensive reporting requirements that must be followed to qualify for HMP compensation. The platform is able to automatically generate, distribute and track modification documents sent to homeowners and image, store and record executed agreements. In addition, specialists can quickly and easily order valuation, credit and tax data though the platform in order to expedite modification and other workout decisions.

First American said it has also added a private-label borrower Web portal to give lenders additional loss mitigation capacity and provide borrowers with new options to work through appropriate loan modification or loss mitigation scenarios. The new online tool allows borrowers to respond to direct-mail and call campaigns without potentially uncomfortable or "embarrassing" conversations with live representatives. Instead, borrowers who are directed to the portal can answer questions about their financial situation, upload necessary documents and receive loan modification information and offers.