Comments on: Wachovia Can’t Modify Loans: Is This Another CIO Failure? http://www.theaccidentalsuccessfulcio.com/crisis/wachovia-can%e2%80%99t-modify-loans-is-this-another-cio-failure The Premier Blog For Learning How To Become A Successful CIO Fri, 05 Mar 2010 14:53:39 +0000 http://wordpress.org/?v=abc hourly 1 By: Shahbaz http://www.theaccidentalsuccessfulcio.com/crisis/wachovia-can%e2%80%99t-modify-loans-is-this-another-cio-failure/comment-page-1#comment-864 Shahbaz Sat, 12 Dec 2009 11:09:59 +0000 http://www.theaccidentalsuccessfulcio.com/?p=1101#comment-864 Now i am just agree with your opinion. Thanks for good stuff for every one.. Now i am just agree with your opinion.
Thanks for good stuff for every one..

]]> By: Dr. Jim Anderson http://www.theaccidentalsuccessfulcio.com/crisis/wachovia-can%e2%80%99t-modify-loans-is-this-another-cio-failure/comment-page-1#comment-857 Dr. Jim Anderson Sun, 29 Nov 2009 16:22:42 +0000 http://www.theaccidentalsuccessfulcio.com/?p=1101#comment-857 Doug: fantastic write-up on just how loans get underwritten. I think that you have a valid point here -- the folks at Wachovia are probably using systems that were never originally designed to perform the re-underwriting process. However, with that being said, so what? The Wells Fargo CIO is ultimately responsible (now) for providing the business with the tools that they need to do their job. That sure doesn't seem to be happening. In fact, Wells Fargo seems to be doing a better job than Wachovia is. This means that the Wells Fargo CIO KNOWS what needs to be done, and it just isn't happening over at the Wachovia arm. It's a great job to be a CIO, but with great power comes great responsibility...! Doug: fantastic write-up on just how loans get underwritten. I think that you have a valid point here — the folks at Wachovia are probably using systems that were never originally designed to perform the re-underwriting process. However, with that being said, so what? The Wells Fargo CIO is ultimately responsible (now) for providing the business with the tools that they need to do their job. That sure doesn’t seem to be happening. In fact, Wells Fargo seems to be doing a better job than Wachovia is. This means that the Wells Fargo CIO KNOWS what needs to be done, and it just isn’t happening over at the Wachovia arm. It’s a great job to be a CIO, but with great power comes great responsibility…!

]]> By: Doug Brockway http://www.theaccidentalsuccessfulcio.com/crisis/wachovia-can%e2%80%99t-modify-loans-is-this-another-cio-failure/comment-page-1#comment-852 Doug Brockway Wed, 18 Nov 2009 16:32:40 +0000 http://www.theaccidentalsuccessfulcio.com/?p=1101#comment-852 There are myriad reasons why the banking-side of Wachovia may want to not modify loans. I won't agree with them but in my direct experience with business execs and CIO's in the mortgage industry whatever policy the banking side wants to pursue on this subject will be pursued and the CIO won't be able to stop it. Depending which servicing system the CIO uses, and the extent of customization Wachovia employed, the situation may be, in the short term, intractable. When examining a modification you are, in essence, re-underwriting the loan. The dominant servicing systems don't hold the data to examine a loan in this manner. They are using band-aids to put the data elements in comments fields with limited success. If Wachovia has used the comment fields for other purposes even this tactic is unavailable, in the short term. One superb solution is to take an extract of delinquent loan files and load them into a system like Mozart for Special Servicing. RCS does this and makes complex modifications with impressive ease. I can connect you with either RCS or the vendor, Overture Technologies. There are myriad reasons why the banking-side of Wachovia may want to not modify loans. I won’t agree with them but in my direct experience with business execs and CIO’s in the mortgage industry whatever policy the banking side wants to pursue on this subject will be pursued and the CIO won’t be able to stop it.

Depending which servicing system the CIO uses, and the extent of customization Wachovia employed, the situation may be, in the short term, intractable. When examining a modification you are, in essence, re-underwriting the loan. The dominant servicing systems don’t hold the data to examine a loan in this manner. They are using band-aids to put the data elements in comments fields with limited success. If Wachovia has used the comment fields for other purposes even this tactic is unavailable, in the short term.

One superb solution is to take an extract of delinquent loan files and load them into a system like Mozart for Special Servicing. RCS does this and makes complex modifications with impressive ease.

I can connect you with either RCS or the vendor, Overture Technologies.

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