New tool empowers third parties to support servicers by structuring loan modsSAN
DIEGO, October 13, 2009—ADAPT Enterprise, LLC, provider of an ondemand software solution for loss mitigation specialists in every sector, has announced the release of ADAPT, a webbased NPV Decisioning Engine designed to empower mortgage brokers, attorneys, communitybased organizations and others to support servicers by preparing loan modification packages that conform to the government’s Home Affordable Modification Program (HAMP) guidelines automatically. ADAPT stands for Automated Decisioning Asset Performing Technologies.
The tool enables loss mitigation professionals to instantly determine the eligibility of a loan modification, based on HAMP guidelines. The system applies the base NPV calculations and defines the reduced rate, modified term, steprate along with principal forbearance (if suggested), all in realtime. It then produces the package for the servicer’s review. “Servicers are overwhelmed with the volume of loan modifications they are receiving right now and can not deal with them because they are so busy dealing with borrowers who are closer to being foreclosed upon,” said Tom Sato, President of ADAPT. “This tool will allow loss mitigation specialists to do the heavy lifting for mortgage loan servicers, providing them with deals that will meet HAMP guidelines, complete with the paperwork to move the deal through to closing. This is the solution the industry has been looking for.” ADAPT provides a secure prequalification application exchange, which is triggered by the enduser, enabling the homeowner to enter data in a secure web environment. The tool informs all parties that the homeowner is required to enroll into a HUDapproved housing counseling program automatically if it detects that
the backend DTI exceeds 55%. The system will automatically import the borrower’s data into the Freddie Mac Loss Mitigation Transmittal Summary form as soon as it automatically confirms borrower eligibility.
About ADAPT Enterprise, LLC
ADAPT Enterprise, LLC is a Delaware Company with its Corporate Offices located in Ronkonkoma, NY. The foundation of the company has been built upon a deep understanding of the loan default process, which has been applied to a proprietary platform which creates operational efficiencies by automating the manual processes. ADAPT, which stands for Automated Decisioning Asset
Performing Technologies, enables the Loss Mitigation Specialist to quickly identify and prequalify borrower eligibility for rulesbased
modification. As an emerging SoftwareasaService (SaaS) provider, ADAPT provides the opportunity to connect, define and execute from remote locations while understanding the importance of delivering ondemand solutions to meet our clients’ changing expectations as markets evolve. With our focus on being the bestofbreed technology partner, we continuously strive to create excellence through service and performance. Find out more about the company on its website at http://www.adaptnow.