Skip to main content

New Commerce Velocity Enhancements Streamline the Foreclosure Process

NationalMortgageProfessional.com
Jul 13, 2011

Commerce Velocity, a member of the Fidelity National Financial Inc. (FNF) family of companies and a provider of default technology, has enhanced their Optimizer solution to help support new governance requirements for default and foreclosure processes. The new enhancements are designed to arm servicers with technology to address consistent policy enforcement, implement timely processes with comprehensive audit trails and transparency, and enable clear inter-departmental communication between loss mitigation and foreclosure divisions so that their processes are not running in parallel. "The sheer scale of loans in default or foreclosure, each requiring and deserving detailed attention, has been a major challenge for servicers to manage," said Umesh Verma, president of Commerce Velocity. "Adding to the existing complexity the consent orders require a default management process that ensures consistent policy enforcement which is tough to achieve, or afford, simply by throwing more human capital at the problem. The solution will include existing resources armed with flexible default workflow technology that requires little training. It is the only way to manage the dynamic changes in regulation and strive to meet the consent order deadlines." The Optimizer enhancements enable servicers to systematically implement regulatory policies across their operation, monitor the timeliness and completion of default or foreclosure processes, and devote time to counseling delinquent borrowers. "Our audit trail provides confidence to our servicers that stages are completed or gaps can be recognized and addressed expediently" said Verma. "Providing servicers with the ability to document and timestamp system activities by the parties integrated, including the borrower, not only meets a consent order requirement, it is smart regulatory risk management."
Published
Jul 13, 2011
Guild Mortgage Acquires Cherry Creek Mortgage

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Mar 14, 2023
Vigilance, Dedication, And Commitment Forge Legends

Submit a nomination for Mortgage Banker Magazine’s Legends of Lending.

Mar 10, 2023
FTC Moves To Block Black Knight, ICE Merger

Says it 'would drive up costs, reduce innovation, and reduce lenders’ choices.'

Mar 09, 2023
Rocket Arms Brokers With Bully Shield Vs. UWM

Rocket covers penalties and court fees for brokers who want to get out of United Wholesale Mortgage’s ultimatum contract. 

Feb 06, 2023
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Jan 26, 2023