Washington Post (08/18/08) P. D2; Weissmann, Jordan
Three major lenders are negotiating contracts to use new software that will make it easier for borrowers to track the status of their loan modification requests online. Computer Sciences of Falls Church, Va.--which developed Borrower Inquiry--says borrowers will be able to go to a web site, click on their request and see where they are in the process. The new software comes at a time when the loan servicing industry is struggling to handle the volume of mortgage workouts. According to the Hope Now industry alliance, lenders processed 522,000 mortgage workouts in the second quarter--a significant increase from the beginning of the year.
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