Reintroduce Yourself to Resolve®
There is no better time to get reacquainted with Resolve®, our integrated default management solution. Resolve goes beyond the traditional Servicer and borrower experience, empowering Servicers with more time, confidence, transparency, and efficiency. The tool can currently process Flex Modifications, short sales and more, with Payment Deferrals coming this spring and the remaining workouts to follow. When fully implemented later this year, Resolve will replace Workout Prospector®. Twenty-two Servicers and six loss mitigation vendors who have implemented the platform are sharing excellent reviews. If you aren’t already using Resolve, now is the time to start so you can take advantage of the benefits of these features as they are released.
Resolve provides real time loss mitigation decisions based on Servicer inputs, promotes clarity through concise and actionable messages, and reduces risk since decisioning is driven by Freddie Mac published guidelines. The solution transcends loss mitigation functionality to span across default management activities, and with capabilities powered by collaborative insights from our clients, Resolve will add even more robust features.
Optionality Drives Flexibility
Resolve can support Servicers of different sizes and portfolio needs. It’s accessible through a user interface (UI) or direct integration via a suite of application programming interfaces (APIs) that connect with a proprietary or third-party system. Leveraging existing servicing requirements, Resolve takes your data and makes decisions, calculates values and provides loan modification terms in seconds.
The supplemental benefits of Resolve include seamless loss mitigation within an organization’s existing tools, additional quality control and automation workflow efficiencies. Integration with our data sources also reduces the required data set and eliminates most data entry. Servicers who have been using Resolve for more than a year find that combining the platform with their borrower self-service portals greatly enhances the homeowner experience.
Resolve is designed for single or bulk loan submissions, giving Servicers flexibility to absorb and scale for fluctuating default volumes, depending on economic cycles. The tool can trigger a Servicer’s workflow to provide solicitation offers, seamlessly handle exceptions and reduce the need for documentation submissions.
“Flagstar was an early adopter with Resolve so we could interface our underwriting platform with Freddie Mac,” says James Campbell, Executive Vice President, Head of Servicing, Flagstar. “It allowed us to reduce the amount of time involved in the whole loss mitigation process and reduced our risk because we didn’t have to go through and repeat with all of the loss mitigation solutions we were entering.”
Dynamic and descriptive messaging lends transparency about rationale for why a loan is eligible or ineligible, or failed validation. Loan status is viewable in a clear, intuitive interface that lists additional required actions. Workout decisions are returned in a few seconds for payment deferrals, modifications and short sales, with additional capabilities coming soon.
Confidence, Speed and Accuracy Improve Workflow
Resolve revolutionizes the loss mitigation process with quantifiable, measurable benefits. Since Resolve reduces required data points by more than 50%, Servicers have experienced time savings up to 20-30 minutes per case; when viewed cumulatively, that translates to incredible efficiency for large numbers of workouts. Using your organization’s e-signature tools can further streamline loss mitigation.
“Resolve actually automates the opportunity to get modified workout options almost in real time; from an innovation perspective, that’s where we live and breathe,” says Jane Mason, Chief Executive Officer for Clarifire, an integrator of Resolve.
The APIs have also been very beneficial during the pandemic, allowing Servicers to better manage the impacts of COVID-19 volume and the velocity of requests for swift mortgage relief.
“This has really been instrumental for us,” says Glenn Meadows, Senior Vice President of Mortgage Servicing at Fifth Third and an API adopter. “For me, it comes down to one word: efficiency. We can make decisions with a higher degree of accuracy.” In Resolve, workout eligibility decisions are returned in three to five seconds, giving the Servicer more time to engage with homeowners about clarity and certainty on decisions and to process more complicated cases—improving the experience for both.
Are you ready to get to know Resolve? Learn more about how Resolve can impact default management at your organization.