CAMBRIDGE, Mass.--(BUSINESS WIRE)--Pegasystems (NASDAQ:PEGA - News), the leader in Business Process Management (BPM) software, today announced its new BorrowerAssist™ solution to help mortgage lenders and servicers quickly comply with rapidly-changing regulations put forth by new government programs designed to solve the mortgage crisis. Using this functionality, financial services organizations can service customers across all channels and quickly determine the optimal loan workout strategy to maximize customer satisfaction and returns.
 
The credit crisis, falling home prices, and the worst job loss rate in 25 years have converged to create an avalanche of troubled loans. New government programs designed to help up to nine million homeowners avoid foreclosure, such as President Obama’s recently announced "Homeowner Affordability and Stability Plan," offer cost sharing and incentives to mortgage lenders and servicers that modify loan terms to reduce homeowners’ monthly payments. But these programs have also created an unprecedented number of loan workout requests that have flooded customer service channels, straining lenders’ ability to service their customers effectively.
 
“The rules have changed. New government programs offer promise to borrowers and provide incentives to lenders, but have created complex business processing rules,” said Craig Focardi, senior research director, banking at TowerGroup. “Financial institutions need technology that allows them to quickly adapt to meet the requirements of these new government programs, while also continuing to deliver high-quality customer service. Agile BPM technology provides a strong option for these institutions to meet the new regulations, as well as prepare for future programs that may be enacted.”
 
Pegasystems’ BorrowerAssist integrates mortgage servicing workflows with a world class rules engine to drive the end-to-end loan workout process, and enables providers to continuously adjust to changing regulations and evolving industry best practices. Using SmartBPM® with Pegasystems’ patented Build for Change® technology, BorrowerAssist significantly reduces time-to-decision and drives up to 40 percent improvement in productivity.
 
Key Capabilities
 
Pegasystems’ Build for Change technology offers lenders and servicers the agility and scalability required to respond to today’s challenges. Capabilities include:
 
End-to-end loan workout case management
 
Multi-channel borrower inquiry management
 
Multi-program workout qualification and decisioning
 
Operational transparency and workout activity reporting
 
Integration with and ability to leverage existing legacy systems
 
“Financial institutions must respond to the flood of customer service requests in a short period of time, and the ability to automate is a key factor in addressing this surge in activity,” said Willy Fox, vice president, Industry Solutions, Pegasystems. “Our powerful SmartBPM solutions empower financial institutions to make better decisions, streamline processes, have greater transparency in their case management procedures and realize greater productivity, which is a powerful proposition to address such rapidly changing programs.”
 
For more information on BorrowerAssist, please visit: http://www.pega.com/link/loanworkout.
 
About Pegasystems
 
Pegasystems, the leader in Business Process Management, provides software to drive revenue growth, productivity and agility for the world's most sophisticated organizations. Customers use our award-winning SmartBPM® suite to improve customer service, reach new markets and boost operational effectiveness.
 
Our patented SmartBPM technology makes enterprise applications easy to build and change by directly capturing business objectives and eliminating manual programming. SmartBPM unifies business rules and processes into composite applications that leverage existing systems -- empowering businesspeople and IT staff to Build for Change®, deliver value quickly and outperform their competitors.
 
Pegasystems’ suite is complemented by best-practice frameworks designed for leaders in financial services, insurance, healthcare, government, life sciences, communications, manufacturing and other industries.
 
Headquartered in Cambridge, MA, Pegasystems has offices in North America, Europe and Asia. Visit us at www.pega.com.
 
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The information contained in this press release is not a commitment, promise, or legal obligation to deliver any material, code or functionality. The development, release and timing of any features or functionality described remains at the sole discretion of Pegasystems. Pegasystems specifically disclaims any liability with respect to this information.