eMASON Inc., developer of the Clarifire business process automation software for the financial servicers industry, has unveiled the Clarifire Community, enabling servicers to drive compliance with U.S. Department of the Treasury regulations, while delivering a solution to borrowers—and all others involved in mortgage servicing—that provides real-time access to borrower delinquency management processes. Clarifire Community is the portal through which borrowers, servicers, investors, title agents, realtors, regulators and other mortgage industry players can finally come together in one platform to synchronize activities relating to mortgage loans.
The Treasury Department has required lenders and mortgage servicers to provide a Single Point of Contact (SPOC) for borrowers who need help understanding the array of loss mitigation options available to them. Moreover, those servicers are now required to maintain detailed records (with audit trails) of their interactions with borrowers. eMASON’s Clarifire Community meets both directives in a single point of access in a secure private cloud environment.
With Clarifire Community, borrowers access their single point of contact with just one click. Banks and servicers often have over a dozen customer points of entry. With Clarifire Community, this is consolidated into one solution. A live chat feature, Clarifier Concierge, expedites the flow of information borrowers need. Clarifire automates the myriad business processes that touch the mortgage loan, each to servicer specifications, while providing an action or contact trail that is both accountable and auditable. The various workflows and user interactions involved in delinquency management now happen in one place, in a secure, easy to use, intuitive platform.
“Clarifire Community’s simplicity is really exciting—there is nothing intimidating about it,” said Jane Mason, founder and chief executive officer of eMASON. “The portal removes the cloud of confusion and the deep sense of frustration that defined the processes in the past.”
In addition to its auditable single point of contact features, Clarifire Community generates documents, such as borrower final workout agreements, and delivers them through a secure Internet connection. Messages are delivered instantly to borrowers, telling them that the documents are ready in the communication method of their choice, e-mail or text message. The old game of “phone tag” is virtually eliminated; documentation is at users’ fingertips.
“Clarifire Community lets servicers deal accurately and efficiently with the volume of work they see today and are likely to continue to see in the future,” Mason said. “The technology also gives borrowers a voice by letting them be informed participants in the process, which is what our regulators want to see. Technology is the heart of the solution.”
