Pegasystems SmartBPM Powers Obama Mortgage Plan

Pegasystems' SmartBPM technology and end-to-end integration is at work assisting mortgage lenders and servicers quickly comply with a new Obama Administration program aimed at helping solve the mortgage crisis.

Tags: Mortgage, Loan Workout, Servicers, End-to-end Integration, Borrower, Mortgage Lenders, Management,


Pegasystems SmartBPM technology and end-to-end integration is at work assisting mortgage lenders and servicers quickly comply with a new Obama Administration program aimed at helping solve the mortgage crisis.

Pegasystems' BorrowerAssist integrates mortgage servicing workflows with a rules engine to drive the loan workout process from beginning to end, allowing providers to continuously adjust to changing regulations.

With BorrowAssist, financial firms and mortgage holders can expedite this 'load workout' schedule and cut its costs, by offering end-to-end cupport of all parties to the mortgage. The Pegasystems approach also can help officials determine the steps necessary to help mortgage holders deal with delinquent loan payments, according to Pegasystems executives.

"Our powerful SmartBPM solutions empower financial institutions to make better decisions, streamline processes, have greater transparency in their case management procedures and realize greater productivity, which is a powerful proposition to address such rapidly changing programs," said Willy Fox, vice president, Industry Solutions, Pegasystems, in a statement.

Inside the Mortgage Sector's Need for SmartBPM
The on-going credit crisis, combined with falling home prices, are creating a surge in the number of troubled mortgage loans. To forestall foreclosure or default, the Obama Administration recently announced the 'Homeowner Affordability and Stability Plan' which offers cost sharing and incentives to mortgage lenders and servicers for modifying loan terms to reduce homeowners' monthly payments.

To take advantage of relief offered by the plan, however, mortgage holders, lenders and property owners must complete 'loan workout requests,' which have created new workflows and bottlenecks to existing ones.

Pegasystems BorrowerAssist provides these features that support efficient end-to-end integrated BPM for the mortgage industry:
  • End-to-end loan workout case management
  • Multi-channel borrower inquiry management
  • Operational transparency and workout activity reporting
  • Integration with and ability to leverage existing legacy systems

  • "Financial institutions must respond to the flood of customer service requests in a short period of time, and the ability to automate is a key factor in addressing this surge in activity," Fox added.



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