SoundBite Introduces Making Home Affordable Accelerator Solution for Mortgage Servicers

Bedford, Massachusetts’ SoundBite Communications, Inc. has recently introduced a new customer communications solution for mortgage servicers participating in the Making Home Affordable (MHA) loan modification program, part of the Obama administration’s comprehensive plan to stabilize the U.S. housing market.

According to SoundBite, its MHA Accelerator solution advances the loan modification process and ensures on-time trial payments, resulting in lower operation costs and a larger number of loan modifications started.

The administration’s monthly report on servicer performance showed that only seven servicers currently involved in the program have started mod trials on more than 10 percent of their eligible loans. The administration has requested that servicers accelerate implementation to achieve a cumulative 500,000 trail modifications started by November 1, 2009. This would more than double the number of trial modifications started in the first five months of the program.

SoundBite’s MHA Accelerator solution is designed to help mortgage servicers increase the number of trial modifications and improve servicer performance, while providing a more consistent, quality experience for the borrower. The company says its tool improves borrower communications and information exchange at the four key stages in the loan modification process: qualification, processing, trial period, and underwriting.

The on-demand solution uses multiple communications channels to reach borrowers and help servicers increase the pace of modifications, reducing inbound calls and lowering operating costs, SoundBite said.

“SoundBite’s MHA Accelerator solution combines our proven proactive communications strategies and financial services expertise to help mortgage servicers increase the number of modifications started and completed,” said Matt Edmunds, VP of financial services and collections at SoundBite. “This solution is designed to help servicers exceed the administration’s current performance metrics as well as future benchmarks on the quality of the borrower experience.”

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