Technology vendors are responding to the new single point of contact requirement for residential servicers with Web-based portals that give borrowers insight into the loss mitigation process.
Origination and default services technology provider Commerce Velocity released a browser-based portal for borrowers to monitor the status of loan modification applications. The tool lets mortgagors review the status of their loan, upload financial documents, and access their single point of contact representative at the servicer, said the Irvine, Calif.-based company.
Borrowers also can check their qualification for modification programs, download the blank forms that accompany modification applications, and upload the documents once they're completed.
Commerce Velocity, a division of Fidelity National Financial, said the portal helps borrowers take an active role in loss mitigation efforts and promotes transparency in the process.
"Providing a borrower transparency to view their loan moving through the default process and enabling them to act timely on options and requirements to cure is a critical key to recovering from sub-performing assets," Umesh Verma, the president of Commerce Velocity, said in a press statement. "We see it as the gateway for constructive and transparent communication with the borrower, particularly at critical stages of default."
The requirements were imposed on 14 of the nation's largest mortgage servicers in the interagency consent orders issued in April.
Loan origination technology vendor Xetus, of Palo Alto, Calif., said its XetusOne Loan Management System was designed to originate new loans, but the browser-based technology is also equipped to handle loss mitigation and modifications.
In an origination, borrowers access a LMS tool to upload documents to their lender and monitor the underwriting process. That same technology has been retooled for modifications, giving borrowers insight into their modification status and access to a single point of contact at the servicer.
