WARREN, Mich., December 10, 2009 — Warren, Mich.-based Five Brothers, a provider of mortgage field service solutions nationwide, today announced that it has enhanced its proprietary MOTZ loss mitigation software system to enable mortgage servicers to quickly and efficiently modify loans according to FDIC or Home Affordable Modification Program (HAMP) regulations. Five Brothers’ CEO Joe Bada made the announcement.
Enhanced in response to the HAMP recently introduced by President Obama, MOTZ is the only known regulatory-compliant software program on the market that is streamlined to quickly and efficiently modify loans according to FDIC or HAMP regulations. MOTZ software aggregates transactions to ensure loss mitigation tasks are completed correctly and in a timely manner. The software automates the calculation of Pass Fail Water Fall, the Net Present Value (NPV) of the REO sale for FDIC, the NPV of the loan modification, the NPV of foreclosure, and also provides timely documentation, including cover letters, amortization schedules and loan modification agreements in minutes rather than hours. MOTZ also seamlessly integrates with most mortgage servicing systems, including LPS MSP.
“We saw a gaping hole in the loss mitigation service landscape and we filled it,” said Bada. “Our MOTZ software will not only significantly improve efficiencies in the default management process, it has the potential to revolutionize the industry as a whole.”
Founded in 1972, Five Brothers is the oldest mortgage field service company in the nation. Five Brothers, based in Warren, Mich., partners with mortgage servicers nationwide to provide customer-focused default management solutions aligned with clients’ needs and business goals. Five Brothers’ programs include property preservation, inspections, REO management, hazard claims processing, document scanning with automated work-flow services, state-of-the-art loss mitigation software (MOTZ™) – allowing quick and efficient loan modifications according to FDIC and HAMP regulations, as well as a nationwide network of experienced, dedicated field service representatives.