DALLAS, TX--(Marketwire - June 29, 2010) - SOURCECORP, Incorporated today released its latest white paper, "Creating an Effective Loan Modification Process." This complimentary position paper explains the benefits of outsourcing mortgage loan modifications and the resulting compliance assurances, cost reductions and process improvements.
Due to declining real estate prices, increased unemployment and negative equity, rates of mortgage delinquency and foreclosures are on the rise. According to TransUnion, mortgage delinquency rates have grown consistently over the past three years from the previous years. In 2009, the U.S. Administration enacted HAMP, which enables eligible homeowners to modify mortgages and make them more affordable; however, many homeowners are unable to complete the process due to incomplete documentation or a re-default on modified loans.
Loan servicers that partner with SOURCECORP are better able to manage the influx of documentation and streamline the adjustment process. Michael Zwall, SOURCECORP's director of Mortgage Services for its BPS division and the author of the white paper, said, "Organizations that subcontract all or part of the modification process gain a smart approach that ensures everything is done correctly. For example, because of our investment in qualified staff and the latest technology platforms, we can help loan servicers address ever-changing volume fluctuations. Plus, our service level commitments mean we're processing documents quickly, which boosts communication and improves customer service."
Subcontracting the loan modification process also reduces costs for loan companies because it allows companies to dedicate their internal resources to profit-generating operations. In fact, the research firm NelsonHall reported that outsourcing can save companies between 20 and 40 percent -- and those percentages continue to improve over a three- to five-year term. The firm also noted that companies can also save up to 50 percent indirectly due to the speed of processing and reduced litigation.
Zwall concluded, "As the mortgage arena continues to change, SOURCECORP offers the flexible solutions that help to address market-driven changes."
For more information about SOURCECORP's expertise in loan modification and to download the complimentary white paper, please visit www.sourcecorp.com/newsroom/white-papers.aspx
About SOURCECORP®
SOURCECORP, Incorporated provides business process outsourcing solutions and specialized high value consulting services to clients throughout the United Sates. SOURCECORP focuses on business processes in information-intensive industries including commercial, financial, government, healthcare, and legal. Headquartered in Dallas, the company serves clients throughout the United States through a network of locations in the U.S., Mexico, Philippines and India.