eMASON Inc., a provider of business process automation software, has announced that its Clarifire application enables mortgage servicers to communicate directly with borrowers with its new feature, the Clarifire Community Portal, while providing one "Single Point of Contact," as required by the Obama Administration, federal regulators and Congress.
The U.S. Department of the Treasury recently released a supplemental directive to the Making Homes Affordable (MHA) program that requires mortgage servicers to provide delinquent borrowers with a single point of contact (SPOC) throughout the entire default resolution process. The new policy guidance requires servicers to provide delinquent borrowers with a relationship manager by Sept. 1, 2011.
eMASON has implemented Clarifire's Community Portal to provide GSE and servicers with the technology necessary to meet the Sept. 1 implementation deadline. The software enables them to timely deliver modifications, reduces cycle times and improves communication. The portal provides borrowers with a platform to communicate, receive notifications, upload required financial documents and review real-time status of their workout. Servicers using the Clarifire Community portal participate in the automated workflow, the workout qualification and decisioning for borrower inquiries, and have access to robust reporting and auditable processes that meet the requirements of the borrower delinquency management model.
"Clarifire provides the industry with the Single Point of Contact though a technology platform of reliable centralized communication and work out activities between servicers and borrowers," said Jane Mason, president and chief executive officer of eMASON Inc. "Innovative technology like Clarifire is the heart of the solution for mortgage finance reform and the single point of contact requirement and provides the industry with secure interactive Web-based workflow."