Pegasystems Inc. is offering a software program designed to help mortgage servicers adapt faster to regulatory changes.
The Cambridge, Mass., company said Loan Loss Mitigation Solution includes tools for managing the receipt and verification of documents; generating automatic reminders for borrowers; devising program terms to reflect changes in borrower eligibility rules; and running multiple loss-mitigation programs for individual borrowers at once.
"The rules and regulations in the lending industry have changed and will likely continue to change," Tony Young, a principal with Pegasystems, said in a Sept. 8 press release.
He added, "Mortgage servicers need technology that allows them to quickly adapt to meet new and changing programs' requirements."
The program also includes tools for prompting employees of actions they need to take in response to program changes. Pegasystems says a larger service using the technology has shortened training times by about 60%.