Fidelity National Information Services, Inc. (FIS) today announced a new Web-based loan-modification and electronic-signature solution that is built into its ClosingStream e-mortgage-technology platform. The solution primarily is designed to help lenders save money by limiting adjustable rate mortgage (ARM) re-set servicing costs, while reducing the loan-modification and electronic-signature time frame from the typical eight to 10 days down to as little as a matter of minutes.
Industry demand for automated process enhancements, such as loan-modification and electronic-signature technology, is growing quickly as ARMs continue to re-set. As a result, investors and financial institutions are trying diligently to prevent portfolio runoff, as well as costly defaults and foreclosures. Top lenders estimate that the number of loan-modification requests in 2008 will increase by tens of thousands. ClosingStream's new solution provides the most effective and secure method for executing multiple types of documents, applications and contracts.
ClosingStream's loan-modification and electronic-signature solution is available in a service model or, in conjunction with a company's own software and branding parameters, as a private-label application, making it the optimal solution for virtually any modification scenario.
"Customers are able to conveniently e-sign documents virtually anywhere, anytime - at home, at the office or on vacation," said Ron Frazier, president of the LSI division of FIS. "The e-sign feature provides benefits to both the customer and lender by providing an effective and efficient method to present, review and sign most document types. By using our technology, most documents are signed within hours, sometimes minutes, versus the days that it traditionally takes." "ClosingStream's loan-modification and e-sign solution is applicable to most types of document presentation and signing events, including the delivery of disclosure documents," said Al Verkuylen, chief strategy officer for FIS' LSI division. "Existing e-sign compliance requirements are met with simplified presentment and a recorded audit trail that contains the customer's acceptance and time/date stamps. Equally important is that lenders can make timely account changes, thereby increasing company revenues while decreasing delinquency and losses."