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2.5.2024 / Gateway in the News

Essex Mortgage and Gateway First Bank Are the Latest Servicers to Add WaterfallCalc

February 5, 2024 By Michael Bates As seen in MortgageOrb

Essex Mortgage and Gateway First Bank have joined the growing list of mortgage servicers using WaterfallCalc, a software solution that ensures agency and non-agency loss mitigation compliance amid rising mortgage delinquencies and property foreclosure rates.

The addition of these two companies brings the number of mortgage servicers using the solution to 10, WaterfallCalc says in a release.

WaterfallCalc is an intuitive loss mitigation application that evaluates the proper loan workout options for mortgage servicers, banks, and housing agencies, transforming cumbersome manual processes into an efficient, automated workflow.

Servicers can tailor calculations to their specific needs and confidently evaluate any default scenario in a compliant manner. 

“We chose WaterfallCalc to ensure our distressed FHA borrowers receive every opportunity afforded to them by HUD to get back to healthy homeownership,” says Nathan Sands, chief servicing officer at Essex Mortgage, in the release. “Understanding the complex nature of FHA loss mitigation can be difficult, as workout options must be offered in the specific order that HUD requires. WaterfallCalc simplifies the entire process and ensures we are compliant.”

“In our steadfast commitment to guiding distressed FHA borrowers on their path to revitalized homeownership, we have strategically selected WaterfallCalc,” Sands adds. “This sophisticated yet user friendly tool not only streamlines the intricate landscape of FHA loss mitigation options from application through claim but also ensures meticulous compliance.”

WaterfallCalc’s user-friendly interface seamlessly integrates with a servicer’s existing systems, while its per-loan pricing ensures scalability and cost-effectiveness. Clients can also suggest improvements to the application to make their processes smoother, and WaterfallCalc will adapt to their needs. 

“WaterfallCalc’s ability to upgrade our system and their timely performance were key factors behind our decision to engage them,” says Chris Wiseley, vice president of non-performing loan operations for Gateway First Bank. “We had to rethink our options with another vendor because they were not flexible enough to meet our evolving portfolio dynamics.”

Both Essex Mortgage and Gateway First Bank also use WaterfallCalc+, the company’s cloud-based, borrower-facing loss mitigation portal that enables borrowers to submit loss mitigation applications from any device.

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