SAN DIEGO, Feb. 7, 2012 – Recent changes to the Home Affordable Refinance Program (HARP) present both opportunities and challenges to lenders and servicers. DataQuick®, a provider of advanced real estate information solutions powered by data, analytics and decisioning, has already responded with timely new offerings that quickly identify eligible loan modification candidates.
Through the application of proprietary analytics on its nationwide property database, DataQuick has identified 6.7 million borrowers who meet the new eligibility requirements and will most likely benefit from the revised program. Lenders and servicers can easily match their current portfolio to the database to identify the best candidates for loan modification.
HARP eligibility requires that candidates have no late mortgage payments in the past six months and no more than one late payment in the past 12 months. To address this new requirement, DataQuick has partnered with TransUnion and can identify prospects who meet these additional credit-related criteria.
“For borrowers, lenders and servicers, the HARP changes equal opportunity – from modifying underwater loans to generating more business,” said John Walsh, President of DataQuick. “For lenders and servicers, however, the influx of business can also cause operational challenges.”
As the loan modification pipeline increases, so will the need for traditional settlement services. DataQuick can also deliver comprehensive, high-quality solutions in this area that includes:
- Merged credit reports and support services;
- Flood compliance determinations; and
- Licensed appraisals – as required on properties not eligible for automated valuation models
“Our response to HARP changes is the ideal of example of how DataQuick’s expertise in higher-quality data, advanced analytics, quality control and settlement services – all within one company – can yield tangible benefits to our clients,” continued Walsh. “It also demonstrates DataQuick’s ability to quickly adapt to market changes and help lenders and servicers manage their business more effectively.”