BEDFORD, Mass., Sept. 9, 2009 (GLOBE NEWSWIRE) -- SoundBite Communications, Inc. (Nasdaq:SDBT) today introduced a new proactive customer communications solution for mortgage servicers participating in the Making Home Affordable (MHA) loan modification program. The federal program is part of the Obama Administration's comprehensive plan to stabilize the U.S. housing market. SoundBite's MHA Accelerator solution quickly advances the loan modification process and ensures on-time trial payments, resulting in lower operating costs and an increase in the number of loan modifications started.
The Administration's monthly report on servicer performance reveals that only seven servicers currently involved in the program are reporting greater than 10 percent of their eligible loan modifications have begun. The Administration has asked servicers to accelerate implementation to achieve a cumulative 500,000 trial modifications started by November 1, 2009. This more than doubles the number of trial modifications started in the first five months of the program.
SoundBite Solution Improves Servicer Performance
SoundBite's MHA Accelerator solution is designed to help mortgage servicers increase the number of trial modifications started resulting in stronger servicer performance and a more consistent, quality experience for the borrower. It 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 more effectively and efficiently with timely and relevant information to help servicers:
* Increase the pace of modifications by efficiently collecting missing documents and verifying information from qualified borrowers to complete the qualification process * Increase the number of trial modifications started through automated reminders and reinforce on-time payment behavior throughout the trial payment period * Proactively communicate with qualified borrowers resulting in fewer inbound calls and lower operating costs
"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, vice president of Financial Services & 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."
Please contact a SoundBite representative today at 888-472-6801 or info@SoundBite.com to learn how SoundBite's MHA Accelerator Solution can increase the number loan modifications for your business.
About SoundBite Communications, Inc.
SoundBite Communications provides on-demand, integrated multi-channel communications solutions that enable clients to achieve superior business results. Building on its foundation as a leading provider of automated voice messaging services, SoundBite offers integrated voice, text and email messaging solutions that help clients deliver the right message, to the right customer, using the right channel, at the right time. Organizations in industries such as collections, financial services, retail, telecom and media, and utilities rely on the SoundBite Intelligent Communications Platform to send over a billion messages annually for collections, customer care, and sales and marketing applications. For more information, visit http://www.SoundBite.com.
SoundBite is a registered service mark of SoundBite Communications, Inc.
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