Evolve Mortgage Services, a provider of on-shore outsourced mortgage services, has announced that it now offers remote online notary (RON) for loan modifications on its SMART eNotary platform.
The company said that the new feature, called eModifications, comes in anticipation of the wave of home loans exiting forbearances in the coming months. According to Black Knight, 65% of the 1.86 million active forbearance plans will expire by the end of the year. The CFPB has given borrowers until August 31 to explore their options, including loan modifications.
“Borrowers who are exiting forbearance but don’t have the funds to make up the missed payments will have the option of modifying the terms of their loan,” said Tim Anderson, executive vice president of eMortgage strategy at Evolve Mortgage Services. “We want to make it as easy as possible for our servicer clients borrowers to complete a loan modification quickly and easily from the comfort of their couch.”