First, there was "robosigning." Now, there is IntelliMods.
The name might sound like science fiction, but, in fact, IntelliMods is a new Web-based computer application that purports to help loan servicers decide whether to approve borrowers' requests for a loan modification.
IntelliMods is a product of CoreLogic, an corporation traded on the New York Stock Exchange and based in Santa Ana, Calif., that supplies real estate and mortgage data and analytics systems.
According to the company, IntelliMods automates and streamlines the loan modification process, performing the necessary calculations to determine the borrower's eligibility and creating an audit trail of the decision-making process. Loan servicers can use IntelliMods to handle one modification at a time or hundreds of modifications in a batch. A decision can be delivered "within seconds," CoreLogic says, and IntelliMods can then generate a package to be printed and sent to the borrower.
Servicers told CoreLogic they needed better automation and workflow tools to handle the demand for loan modifications, according to Sapan Bafna, OTS director responsible for IntelliMods at CoreLogic.
In a company statement, Bafna said:
IntelliMods provides incredible lift to overburdened loan modification efforts by eliminating manual processes, with the added benefit of integrated document generation, delivery and tracking. IntelliMods can also be combined with other CoreLogic services -- such as borrower outreach, data validation and augmentation, and recordation -- to round out a servicer’s loan modification solution.
CoreLogic and its customers may be convinced that IntelliMods will make proper decisions. How borrowers will feel about this new form of automation is more difficult to surmise.
Either way, the system seems to give loan servicers yet another dubious excuse to deny loan modification requests. They can just simply say, "IntelliMods made us do it."
Follow me on Twitter: @marciegeff