Evolve Mortgage Services, a provider of outsourced onshore mortgage services and a complete software platform to support fully digital e-mortgages, has released a new e-modification product to support remote online notary public (RON) transactions.
The improvement is in anticipation of the wave of home loans emerging from forbearance and an increased need for social distancing due to the Delta variant.
Evolve helps mortgage servicing providers to rapidly accelerate change approval and execution capacity to provide their borrowers with a secure online environment to review, electronically sign and digitally certify close packages for loan changes. As a result, there are fewer errors, the availability of automated validations, and greater efficiency and an improved borrower experience.
Evolve’s eModifications can be integrated into maintenance and analysis systems and automatically fill out documents with loan modification data. The documents are posted on a secure website within minutes after the borrower selects the loan program. Borrowers will receive a secure email notification with a link to review the documents immediately.
In June, the CFPB enacted new regulations that temporarily provide special safeguards to ensure borrowers have ample time to consider their options, including loan modifications, prior to foreclosure. The new rules go into effect on August 31st, and Evolve’s eModifications will make it easier to track and demonstrate electronic evidence of compliance.
Black Knight recently reported that 1.86 million borrowers remain active in forbearance as a result of COVID-19. By the end of this year, 65% of the forbearance plans will expire.
“With the majority of runtimes now coming in earlier than expected, servicers are facing growing operational challenges associated with such a large number of complex post-forbearance mitigation measures,” noted Black Knight in the report.
“Borrowers who end the forbearance but do not have the funds to make up for the defaulted payments have the option to change the terms of their loan,” said Tim Anderson, EVP of e-mortgage strategy at Evolve Mortgage Services, in a press release. “We want to make it as easy as possible for the borrowers of our servicer customers to complete a loan modification quickly and easily from the comfort of the couch.”
Photo: Behnam Norouzi