Commerce Velocity Enhances Solution to Help Servicers Address Consent Order

Commerce Velocity has made upgrades to its optimizer solution in order to help servicers address consent orders relating to unsound practices regarding mortgage loan and foreclosure processing.

With the enhancements to the solution, servicers can systematically implement regulatory policies across their operation and monitor timelines and completion with audit trails. The improvements also allow servicers to communicate between different departments and foreclosure divisions during the loss mitigation process.

“Our audit trail provides confidence to servicers that stages are completed or gaps can be recognized and addressed expediently,” said Umesh Verma, president of Commerce Velocity. “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.”

Verma said the company’s solution is still going to contain existing resources such as capturing updated borrower data and ranking results in order of favorability. Other features of the optimal module includes providing collectors with eligible workout scenarios, applying borrowers with cash flow projections and retrieving credit and automated valuation models against third-party data.

Verma added that learning how to use they system does not require extensive training for servicers. The purpose of the optimizer solution is to help servicers organize maximize cash flows from delinquencies and enforce workout consistency throughout the default management process.

In April, a consent order was issued requiring servicers to initiate a single point of contact for borrowers and ensure that foreclosures do not occur once a modification has been approved by September.

“The sheer scale of loans in default or foreclosure, each requiring and deserving detailed attention, has been a major challenge for servicers to manage,” Verma said. “The Optimizer solution manages the dynamic changes in regulation and strives to meet the consent order deadlines.”