Vantium Capital Inc.'s Acqura Loan Services said it is using paperless technology to modify delinquent mortgages.
The Plano, Tex., servicer said last week it is using technology developed by SigniaDocs to prepare digital modification documents. Borrowers can view the documents online, review the terms over the phone with an Acqura representative, and sign the agreement electronically.
"Some of our biggest challenges are getting and staying in contact with borrowers and getting them to act before it is too late," David Vida, Acqura's president of servicing, said in a press release. "E-mods dramatically reduce the loan modification timeline: We can present the mod to the borrower in a single call, review it with them step by step online and then get them to execute it on the spot. This eliminates mailings, Fedexing, and return delivery delays."
So far, he said, "more than half of all borrowers approve the mod the same day, and nearly 80% do it within two days."
Vantium, based in New York, has financial backing from Leon Black's Apollo Global Management LLC.
