Considering the recent cyber security incidents announced by First American, Fidelity National Financial, and Mr. Cooper, WaterfallCalc’s founder Donna Schmidt shared how her company can help keep loss mitigation procedures on track for servicers in the event they experience a breach or attack.
“There is no reason why loss mitigation activities cannot continue unobstructed even when a servicer or one of their partners encounters a serious data breach,” Schmidt said in a release. “In fact, it’s a major reason WaterfallCalc has relationships with multiple vendors. If a servicer’s title vendor is hit by a cyberattack, they can easily switch to another vendor and be back in business without skipping a beat.”
WaterfallCalc is a loss mitigation analysis provider for small and mid-sized mortgage servicers. It offers solutions to enable servicers to streamline their defaults processes and stay compliant by calculating the best loss mitigation options for distressed borrowers. Schmidt said the cyber events that recently occurred have prompted companies to introduce WaterfallCalc to their primary loss mitigation system.
“Servicers that establish a backup loss mitigation service provider can more easily and swiftly move their loss mitigation activities to another platform when their primary provider is attacked,” she explained. “At a time when loan delinquencies are starting to creep higher, we are happy to know our clients always have access to loss mitigation waterfalls that enable distressed borrowers to get the assistance they need, when they need it.”
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