Evolve Mortgage Services Adds Electronic Modification Product To Support RON Transactions

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Evolve Mortgage Services, a provider of external mortgage services and a comprehensive software platform to support full digital e-mortgage, has released a new e-modification product to support Remote Notary Online (RON) operations.

The improvement comes in anticipation of the wave of termination of deferred mortgage loan repayments and the increased need for social distancing due to the Delta option.

Evolve helps mortgage companies quickly accelerate the approval and enforcement process to provide their borrowers with a secure online environment to view, electronically sign and notarize loan change closing packages. As a result, errors are reduced, automated checks are available and efficiency is increased, and the quality of service to borrowers is improved.

Evolve electronic modifications integrate with service and analytics systems, automatically filling documents with data on loan changes. Documents are posted on a secure website within minutes after the borrower selects a loan repayment program. Borrowers receive a secure email notification with a link to view documents immediately.

In June, the CFPB issued new rules establishing temporary special safeguards to ensure that borrowers have sufficient time before foreclosure to explore their options, including loan modifications. The new rules will go into effect on August 31, and Evolve’s electronic modifications will make it easier to track and validate electronic proof of compliance.

Black Knight recently reported that 1.86 million borrowers continue to be tolerant due to COVID-19. By the end of this year, 65% of abstinence plans will expire.

“With the bulk of expiration now occurring earlier than anticipated, service companies face growing operational challenges associated with such a large volume of complex mitigation efforts after termination,” the Black Knight said in a report.

“Borrowers who come out of deferred payment but do not have the funds to cover the missed payments will be able to change the terms of their loan,” said Tim Anderson, executive vice president of e-mortgage strategy at Evolve Mortgage Services. … “We want to make it as easy as possible for our customer service borrowers to complete loan modifications quickly and easily without leaving the couch.”

Photo: Behnam Noruzi

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