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XSell, SignaDocs Offering Automation of Modifications
By Ted Cornwell
With demand for loan modifications soaring, lenders are struggling to find ways to make a traditionally labor-intensive process more efficient. And technology vendors are stepping up to the plate to help them out.
XSell, a provider of males, marketing and service platforms, and SignaDocs, which offers electronic signature and SMART Docs technology, will provide mortgage servicers with a Web-based tool to target customers who meet the criteria for loan modifications or refinance offers. The SignaDocs eModification platform then provides the ability to quickly and easily complete the loan online.
Steve Phillips, executive vice president of XSell, said that the alliance offers lenders a complete platform that can be fully operational within weeks. XSell addresses the marketing of the service and SignaDocs creates the fulfillment potential. The goal is to help lenders identify prospects, present offers and close loans in a fraction of the time it would normally take to create a loan modification or help someone refinance into a more affordable loan product.
But the focus is not just on modifying loans that may be in trouble. Mortgage lenders and investors also face potentially massive losses in portfolio value due to falling interest rates and a pending wave of adjustable-rate mortgage resets, both of which could send existing customers out searching for a new loan from some other lender. Targeting them for in-house refinancing can help servicers keep the asset on their books.
In an interview some weeks ago, XSell's Steve Phillips told MSN Bulletin that his company's goal is to create technology that helps clients increase customer loyalty through cross-sell and retention campaigns. He said the technology is compatible with the existing systems that major servicers are using today to automate loan administration.
"Our solution helps our clients identify key products and services that they want to cross-sell to their customers and then match that to their customer base," Mr. Phillips said.
Those products and services may include credit card, HELOCs, modifications and refinancing.
In today's environment, lenders are placing more emphasis on reaching out to potentially stressed borrowers to market possible workout options.
"A lot of borrowers don't even know what their options are, or that there may even be other options," Mr. Phillips said.
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