WaterfallCalc Unveils Tech To Help Servicers Better Assist Distressed Homeowners
WaterfallCalc, a provider of accurate loss mitigation technology for small- and mid-sized mortgage servicers, has launched WaterfallCalc+, an affordable cloud-based version of its popular loss mitigation analysis tool that enables distressed borrowers to easily apply for assistance through their phone, tablet or PC, supplementing the company’s flagship technology, WaterfallCalc, which gives servicers the technology to calculate the appropriate loss mitigation option, based on insurer and agency requirements. WaterfallCalc and WaterfallCalc+ are priced to give small and midsized servicers entry into the technology they need to stay competitive in the mortgage servicing market.
While borrowers in default have a wealth of programs available to help them find a path out of delinquency, knowing which options they qualify for can be a cumbersome process for consumers and servicers alike. In addition, many smaller servicers lack affordable, easy-to-use options when it comes to loss mitigation technology. WaterfallCalc+ solves both challenges, making it possible for borrowers to securely submit loss mitigation applications directly to their servicer from their phone, tablet or computer, while providing servicers with scalable, accessible technology for managing the loss mitigation process.
Servicers can invite individual borrowers or a group of borrowers to use WaterfallCalc+, where they can safely login using two-factor authentication and communicate with the servicer in an easy, transparent manner. Once borrowers have logged on, servicers can manage the entire loss mitigation application process, from reviewing new submissions to tracking existing applications, using dashboard customized just for them.
With the borrower’s application in hand, WaterfallCalc then identifies a variety of loss mitigation options, from forbearance and loan modifications deferrals and more. Servicers can easily download a borrower’s application and accompanying documents into their system to streamline the audit process and ensure compliance. They can also quickly access comprehensive reports featuring user application counts, application statuses, and loan volume.
“Several of our clients that are onboarding more than 40,000 loans have begun utilizing WaterfallCalc+ for their distressed customers and are seeing amazing results,” said WaterfallCalc’s founder, Donna Schmidt. “Our new tool empowers borrowers to submit loss mitigation applications through their preferred device from the comfort of their homes, while enabling servicers to ensure the best option available is utilized and efficiently executed. It’s a win-win for everybody.”
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