News Release

McGlinchey Stafford Offers Turn-Key Mortgage Modification Solution

December 1, 2008

Today the national law firm McGlinchey Stafford PLLC announced a solution to make mortgage loan modifications efficient and seamless for any financial institution facing the prospect of large-scale processing demands. The firm’s Mortgage Loan-Modification Package streamlines the process, at a low, per-unit fixed cost. The Mortgage Loan Modification Package is based on forms appropriate for virtually every possible combination of modification terms. The turn-key solution is backed by extensive research on the multitude of legal issues implicated in the process, culminating in complete and rapid document preparation and processing.

McGlinchey Stafford has completed hundreds of mortgage modifications for Banco Popular North America’s U.S. based lending and servicing operations. Brian Doran, Chief Legal Officer of Banco Popular North America comments, “The solution offered by McGlinchey Stafford meets our demands for legal and technical accuracy, speed, and cost. The combination of consumer finance experience, forms creation, and document preparation made it possible for us to turn modifications around in hours as opposed to days or weeks, while greatly minimizing our cost, both in terms of personnel and per-unit expense.”

McGlinchey Stafford’s Mortgage Loan Modification Package is versatile enough to meet differing needs in the wake of current economic realities. This function can be completely outsourced to the law firm or can be accessed via the internet directly by the lender’s employees. The Mortgage Modification Package gives lenders maximum value by leveraging both the law firm’s professional legal services and counsel, and the firm’s already existing infrastructure of a complete loan document preparation capability and service. The Mortgage Loan Modification Package is capable of modifying conventional and non-Agency 1st and 2nd lien mortgages in all 50 states. The Mortgage Modification Package is also flexible enough to allow for any customization necessary as a result of evolving economic stimulus initiatives.