BackInTheBlack® Offers Industry's 1st Fully Integrated Borrower Portal
Baltimore, MD - MSTD Inc., creators of the BackInTheBlack® (BITB) comprehensive Web platform of default servicing functionality, now offers the industry's first true Borrower Portal, which is deployed as a seamless private label application for residential mortgage servicers licensing BackInTheBlack®.

The BITB Borrower Portal offers borrowers who are behind on their mortgage payments an easy-to-use, online opportunity to conduct a self-engaged loss mitigation session. Unlike a static form disconnected from the mortgage servicer's collection system, the BITB Borrower Portal incorporates investor and insurer rules, so that the borrower's data packet results in either a completed workout or a highly pre-qualified candidate ready to close.

"What separates the BITB Borrower Portal from other attempts to leverage the Internet in the loss mitigation area is that they've thought it all the way through," commented the Default Servicing Manager of a large non-prime mortgage servicer who will be utilizing the BITB Portal. The Q&A the borrower follows are really investor/insurer decision trees. In addition, the borrower's financial input is very brief since the BITB application integrates credit and other public data, and the results flow seamlessly into a collector's BITB queue for immediate follow-up. There is no re-keying of data into the collection or loss mitigation system or Excel spreadsheets.

According to Cam Melchiorre, MSTD executive vice president, the MSTD Borrower Portal is a highly cost-effective alternative to traditional borrower contact efforts, creating a 24/7, and 365-day opportunity for reticent borrowers to get in touch with their mortgage company.

"One of the fastest-growing trends today is online banking. People are drawn to using the Web," Melchiorre explains. "Most of all, borrowers who may be reluctant to pick up the phone often will be willing to go on the Web to deal with any problem loan issues. We created the Borrower Portal to serve that consumer segment and also to give servicers an added way to reach out to borrowers."

Borrowers can learn about the Borrower Portal through the mortgage servicer's normal collections process or even through the company's interactive voice response system (IVR) and Web site.

Other features of the fully integrated BITB Borrower Portal include:

  • Loan filtering by many variables: Risk score, investor/insurer, loan type,     severity, so servicers can determine which portfolio segment should have     access to the portal.
  • The ability to accept promises-to-pay (PTP) within defined parameters.
  • Acceptance of short term repay plans (RPA).
  • Acceptance of ACH payments.
  • Settings to prevent borrower recidivism: Borrowers who have broken PTP's or     RPA's within a stated timeframe, over the prior 12 months, will be directed to     call a counselor.
  • Pre-configured and easily configurable productivity reports showing, among     other things, pull-through rates.

    Early in 2006, MSTD will begin working with several current clients to further integrate the BITB Borrower Portal into the mortgage servicer's call center, primarily for seriously delinquent borrowers with complex workout needs.

    For more information on MSTD's Borrower's Portal, Please contact us at (410) 837-0161