The Challenge:
This major American bank required a technology solution to allow them to process revised Loan Modification Applications. Recent changes by the Federal government resulted in revisions in the terms of mortgage loans, designed to make such loans more affordable to the borrower.
Generally, loan modification is only available to a borrower either in default or in imminent danger of default from an impending rate increase that will make mortgage payments unaffordable. The purpose of the loan modification application was to avoid the default and possible foreclosure.
The Cyma Solution:
Mortgage underwriting is an application developed in a three-tier architecture. The application is used internally in the bank by Process Support, and then underwriters make a decision to approve or decline the loan. Finally, ROQA users verify the underwriters’ decisions.
Cyma implemented a solution to process loan applications in all three stages in compliance with all new Federal requirements. We utilized Visual Studio 2010 and SQL Server Management Studio 2007 R2 to effectively meet the needs of all parties involved in the bank’s loan modification applications.
Thus the intelligent use of technology applied in consonance with changes that needed to be taken into consideration helped the client address challenges at multiple levels.