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Xetus' Loan Management System Provides Seamless Compliance With New Treasury Mandate for Single Relationship Manager


June 8, 2011 - Palo Alto, CA

While the mortgage servicing industry scrambles to comply with a new Treasury Department guideline mandating a single relationship manager for Home Affordable Modification Program (HAMP) HAMPborrowers, servicers that deploy Palo Alto, CA-based Xetus' (www.xetus.com) XetusOne Loan Management System (LMS) are already exceeding the mandate's minimum requirements. XetusOne now provides servicers with the capability of effortless, immediate compliance through the use of its Web-based Software-as-a-Service (SaaS) platform, whose technical framework supports high-level collaboration and loan-data sharing between borrowers and servicers.

Xetus President and Chief Executive Officer Scott Stein had anticipated the Treasury's relationship-manager stipulation, which requires many servicers to provide by September 1st a single point of contact for the borrower throughout the loan process -- whether for delinquency, imminent default resolution or foreclosure. "This is a call for action that essentially prescribes effective coordination of communications. It should finally mean the end of paper files for tracking borrowers' important, confidential information," he says.

XetusOne's Loan Data Transparency Exactly Suited to Mandate's Requirements
XetusOne enables servicers to not only comply with the mandate but also to surpass it through uninterrupted data flow and consistent, superior customer service. "Xetus has long anticipated the need for efficient information delivery by allowing for XetusOne's comprehensive management of a loan's lifecycle, including the capability for relationship managers to extract loan information at any time and to conduct cash flow analysis, execute HAMP or 2MP waterfall calculations and employ sophisticated NPV tools."

Stein continues, "XetusOne's servicing technology is exactly suited to meet the mandate's requirements -- through transparency and collaboration in conjunction with mortgage loan origination, subordination management and distressed asset modification capabilities."

XetusOne's Central Repository Supports Risk-free Collaboration
Midwest Loan Services (MLS), a leading mortgage sub-servicing provider of origination, regulatory compliance, modifications and collections for several hundred institutions nationwide, has used XetusOne for the past five years to enhance communication and loan-data sharing. MLS President and Chief Executive Officer Ed Berger, says, "Using XetusOne eliminates complaints about being unable to find borrower documents, status or notes, because they are always available through the platform."

Berger lauds collaborative electronic loan folders as a driver of efficiency. MLS, located in Houghton, Michigan, relies on XetusOne to share loan data, including notes, status and supporting documents throughout the organization and with its business partners. "XetusOne tracks all loss mitigation cases, providing our associates, financial institution partners and borrowers with immediate, online access to all documents." This capability allows for continuity despite illness, vacation or other normal business interruptions.

Moreover, MLS' risk of data loss is greatly reduced. "All loan data is housed at Xetus' redundant, secure, SAS-70 Type II certified data facility," explains Stein. "If any MLS computer is ever lost, damaged or stolen, MLS has not lost any sensitive, proprietary data."

XetusOne Delivers Immediate Compliance at Affordable Cost
Deploying XetusOne to eliminate the disconnected islands of automation that hinder the smooth flow of data requires no specific hardware configuration or IT manpower. "All that is required is Internet access and a standard Web browser. Typical start-up time is measured in days or weeks, not months," says Stein.

XetusOne also requires no significant upfront investment, an added benefit to servicers who are not only working on compliance with the Treasury mandate but also facing pressure to boost efficiency and earnings. Servicers pay for actual use, on a per-loan basis with no seat license or maintenance fees.

About Xetus
Xetus (www.xetus.com) pioneered the development of "software as a service" (SaaS) in the mortgage industry. Users access its service through standard Internet web browsers, while Xetus updates the product transparently. Xetus provides powerful, easy-to-use mortgage loan processing to lenders, brokers, service providers and investors collaboratively in real-time over the Internet in a secure environment. Xetus is partnered with some of the country's major credit organizations, underwriting and selling entities, mortgage insurers, automatic valuation and compliance providers.

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Cindy Golisch
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