Zenta, a BPO firm launches HAFA Compliant Loss Mitigation Program
SOURCE: Press Release
DATE: May 18th, 2010
In partnership with one of the nation’s largest and most successful distressed asset sub-servicers, ZENTA today announced the successful implementation of an end to end HAFA compliant short sale program. Zenta has developed a workflow based process management system that is customized to adhere to the latest HAFA guidelines and timetables, further expanding their existing range of default management services.
“Despite all of our success with HMP and loan modifications, we knew that was a temporary situation, identifying the next wave of workouts was something we’ve worked closely on with our servicing and investor partners. Investing in the HAFA platform was a natural progression for Zenta.” said Henry Santos, senior vice president of Zenta’s residential mortgage services practice.
HAFA documents (SSA, RASS and ARASS) are all pre-populated within the platform with data entered in the workflow process; and HAFA data fields required in monthly reporting to Fannie Mae are maintained for ease in reporting and tracking. Other key functions of the platform include online offer management, FDCPA compliant facilities and workforce and Non-HAFA recommendations.
Santos added, “HAFA is just the next program to execute on, we’re focused on providing the entire suite of critical default management processes that allow our servicers and investors to more effectively control their costs, maintain regulatory compliance, and generally get a better handle on their distressed asset portfolios. We’ve been providing these services as individual, tailored support to our customers for years now and believe the time is right to make them available to a much broader audience.”
Zenta’s support services for default management are a broad and comprehensive set of capabilities that can enhance the operational effectiveness of residential mortgage servicers in the following areas:
• Early and late-stage collections
• Complete loss mitigation program management, including HMP and HAFA based solutions.
• Investor delinquency reporting
• Foreclosure file management from referral to sale of property
• Bankruptcy processing and management
• Claim filing for Fannie Mae, Freddie Mac, FHA, VA, private investors and mortgage insurance claims
• Loss analysis for Fannie Mae, Freddie Mac, FHA, VA, private investors and insurer loans
• Default mortgage servicing consulting and training
About Zenta
Founded in 2000, Zenta is a world-class knowledge process outsourcing (KPO) and business process outsourcing (BPO) company, offering a full range of back-office, voice and on-site support solutions such as loan processing and underwriting, credit card servicing, consumer lending, accounts receivable management, mortgage loan administration and real estate capital market analytics in the following verticals: commercial and residential real estate, consumer credit, insurance and financial services and IT services. The company currently employs more than 5,000 staff in New York; Mumbai and Chennai, India; Manila, Philippines; Philadelphia, PA and Charlotte, NC. For more information about the Company, visit http://www.zenta.com .
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