MONUMENT, Colo. /eNewsChannels/ — NEWS: Karl Falk, CEO of ShortSave, Inc., the provider of an award-winning borrower-facing mortgage default servicing system, foresees servicers being hamstrung by the human-powered servicing model in meeting the Consumer Financial Protection Bureau’s proposed amendments to its servicer rules.
Specifically, Falk is concerned with servicers’ ability to fulfill the mandate the CFPB has recommended regarding timely notifications of completed loss mitigation applications.
“‘Timely’ is the operative word here. Today’s process forces a servicer to spend a great deal of time and effort on all defaulted loan files, regardless whether the borrower will be approved for a workout. In a low-margin business where every labor dollar counts, this ‘high-touch’ model is no longer efficient,” Falk said.
He added, “In the ShortSave environment, bringing in the human element to review a workout, rather than manually calculate it, significantly reduces the servicer’s file time.”
Falk is a registered attendee at the MBA’s National Mortgage Servicing Conference & Expo 2015.
About ShortSave, Inc.:
ShortSave is a Colorado-based mortgage industry technology innovator that helps distressed borrowers work out their loans with their lenders in a matter of days. Faster borrower engagement and closings that are months quicker save non-performing note holders and servicers thousands in lost interest, fees and overhead.
Inman Real Estate Connect NY 2014 featured ShortSave Inc. as a New Kid On the Block and recognized the firm as one of “8 Startups that are Changing the Real Estate Game.” ShortSave was also the recipient of the 2014 Mortgage Technology Servicing Trailblazer Award.
Visit http://www.short-save.com/ for more information.
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