Rising borrower demand for loan modifications and new government mandates that compel the industry to modify a half-million loans by Nov. 1 put the mortgage industry squarely into a harrowing situation for which there is no "silver bullet" solution. The good news is that there is hope.

Well-intentioned government regulation designed to protect borrowers has added new layers of complexity to the already daunting process of reinvigorating this vital sector of the American economy. As the mortgage industry scrambles to develop competencies, maintain compliance and add much-needed capacity, the hidden solution may lie with process reengineering and the application of sophisticated analytics comparable to that used at the time of origination.

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