New Borrower Inquiry Tool for Homeowners Facing Foreclosure
August 19th, 2008 by 
Joseph Smith
Another effort to help distressed homeowners facing foreclosure comes in the form of an internet tool that will help track the status of workout requests. The said tool will both help homeowners as well as credit counselors.
Designed by CSC, the Borrower Inquiry tool will certainly help in expediting work out requests. Because the online tool will result to fewer follow up calls to the servicers, they will be able to assist more homeowners facing foreclosure. Any mortgage servicer can utilize this inquiry tool as long as it follows the federally-approved HOPE NOW Servicer Guidelines.
Most mortgage servicers today are already using one of CSC’s management software, the Early Resolution. This software is compatible with the new inquiry tool, allowing borrowers to easily access the information regarding their workout requests.
The development of the new inquiry tool is actually a response to the overwhelming increase in the number of homeowners in danger of losing their homes to foreclosure. Organizations and groups such as HOPE NOW have been having trouble keeping up with the increase and only managed to help out a small percentage of distressed borrowers.
With the new inquiry tool, housing advocates are hoping that the foreclosure crisis will somehow ease up and more struggling homeowners are provided with much needed help.
Nationwide, the number of foreclosure filings increased by over 55 percent compared to last June. For the last two years, the number of homes entering some stage of foreclosure has reached millions and hundreds of thousands more are expected by the end of the calendar year.
HOPE NOW is actually an alliance composed of servicers, counselors and investors, which hopes to provide foreclosure help so that troubled homeowners will have a chance to keep their homes.
On the other hand, CSC is a leading provider of solutions and services including systems design, systems integration, development of applications software and management consulting among others.
