Pegasystems Announces New Solution to Improve Transparency, Consistency, and Compliance in Loan Foreclosure Processing
Cambridge, Mass.,– Dec. 7, 2010 – Pegasystems Inc. (NASDAQ: PEGA), the leader in business process management (BPM) and a leading provider of customer relationship management (CRM) solutions, today launched a new solution that allows mortgage servicers to immediately increase quality, certainty and productivity in their foreclosure process.
Built on Pega’s Loan Loss Mitigation Solution, the Pre-Foreclosure Solution allows servicers to implement regulatory quality controls before foreclosure, which then enable error-free foreclosures. This new solution debuts just as mortgage servicers are facing increased scrutiny, regulations and reform. The industry can ill afford such delays and setbacks with foreclosures now at record levels.
While servicers aim to avoid foreclosures for their customers, they also need to ensure accurate, error-free foreclosure processes. They need assurances that they’ve satisfied all requirements of today and tomorrow’s regulatory requirements. Pega’s solution features market-leading case management capabilities and rules-based processing that automatically delivers defect-free foreclosure recommendations, and easily adapts to accommodate future regulatory changes.
Highlights / Key Solution Facts:
The new solution features:
- Support for all servicing platforms and applications across collections, loss mitigation, customer service, and foreclosure, as well as cloud-based delivery to the servicer;
- Rules-driven processes which guide knowledge workers through complex verifications needed to certify loans for foreclosure and define each step of the way to perfect a foreclosure package;
- Easy to understand forms that guide business users through steps to rapidly add or modify federal, state and local program changes based on non-judicial or judicial processes, which also provide the “on-hold” definitions to be set by management (e.g., probate, bankruptcy, military indulgence), and which situations “stop the clock”;
- Monitoring of the pre-foreclosure status in a real-time environment that automates process alerts and next steps as updates occur on the case;
- Comprehensive case management and BPM capabilities to support complex decisioning to reduce human intervention, automatic prioritization of cases to work first based on business priorities, and cross-document validation to ensure all information is accurate throughout the process;
- Automatic generation and tracking of correspondence and communications with all parties;
- Integrated data and document management that manage data integrity between the system of record and documents used during pre-foreclosure and foreclosure; and
- Integration of dynamic loan checklists that allow servicers to define complex dependencies between the foreclosure process and state and federal requirements.
Quotes & Commentary:
Tony Young, Principal, Financial Services Industry Solutions at Pegasystems
“Many existing practices around foreclosure are being called into question now more than ever. Pega’s new Pre-Foreclosure Solution vastly improves the visibility, certainty and efficiency of the overall process and provides unmatched quality controls and integrity. Servicers can have increased peace of mind knowing that their documentation is error-free.”
To read more about this solution, visit: https://www.pega.com/pre-foreclosure
To see more about Pega’s other lending-specific solutions, visit: https://www.pega.com/solutions/by-industry/financial-services/loan-loss-mitigation and https://www.pega.com/solutions/by-industry/financial-services/loan-origination.
Tags, Keywords: Pegasystems, PEGA, SmartBPM, Business Process Management, BPM, CRM, case management, foreclosures, mortgage lending
Pegasystems (NASDAQ: PEGA) develops strategic applications for marketing, sales, service, and operations. Pega’s applications streamline critical business operations, connect enterprises to their customers seamlessly in real-time across channels, and adapt to meet rapidly changing requirements. Pega’s Global 3000 customers include many of the world’s most sophisticated and successful enterprises. Pega’s applications, available in the cloud or on-premises, are built on its unified Pega 7 platform, which uses visual tools to easily extend and change applications to meet clients’ strategic business needs. Pega’s clients report that Pega gives them the fastest time to value, extremely rapid deployment, efficient re-use, and global scale. For more information, please visit us at www.pega.com.
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The information contained in this press release is not a commitment, promise, or legal obligation to deliver any material, code or functionality. The development, release and timing of any features or functionality described remains at the sole discretion of Pegasystems, Pegasystems specifically disclaims any liability with respect to this information.
Lisa Pintchman Rogers
VP, Corporate Communications
Director, Corporate Communications
Sr. Manager, Public Relations
Director, Corporate Communications
+44 (0) 118 9651 660
PR & Communications Manager
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Cambridge, MA 02142
Phone +1 617-374-9600
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