Fannies New Software Suppose To Help

[davephx]

10/5/09 Fannie Mae Certifies eMASON’s Clarifire Application for Federal Modifications

Clearwater, Flordia’s eMASON has received certification for its Clarifire application from Fannie Mae for Home Affordable Modification Program (HAMP) workout rules.

According to eMason, its web-based process automation technology solution streamlines workflow, providing clients, their partners, and borrowers with real-time access to business processes, workout rules, and results, and reducing workout backlogs for servicers.

“We‘ve already provided proven results to one mega servicer – removing the backlog of workouts and providing results to borrowers in minutes versus months,” said Jane Mason, president and CEO of eMASON, Inc. “HAMP is complicated, and eMASON has simplified and automated the process. We‘re extremely proud that Clarifire technology is helping Fannie Mae and its servicers outpace the pace of change.”

Mason went on to explain, “In less than three weeks, Clarifire decisioned 28,000 cases from the servicer‘s portfolio and sent 15,000 HAMP letters to borrowers, resulting in thousands of payments immediately – far exceeding the servicer‘s expectations. Management indicated it would have taken three months to generate that number of decisions without Clarifire technology – saving an estimated $1.5 million in expenses in one month.”

Fannie Mae certification of Clarifire technology provides key benefits and quality assurance for servicers. eMason explained that the messaging feature in the technology validates submitted data and loan information, while ensuring servicers are using the most current version of workout rules at all times.

The company says this results in more accurate workouts, increases the number of delegated cases by 60 percent, and reduces the need for Fannie Mae approval. The application is already certified by Fannie Mae for multiple loss mitigation workout types, including standard loan modifications, HomeSaver Advance, and pre-foreclosure sales.

Currently, more than 110 attorney firms and 24 mega-servicers in the Fannie Mae network use the Clarifire application to automate their workflow for loss mitigation.

[ama125]

Great info, Dave! Do they have a list anywhere of which servicers are using this? I just checked the current Freddie Rate and it's at 4.94% (I'm still waiting to fax in new pay stubs, but what BofA is potentially offering me with their in-house mod would cap at 5.25%... I'm still torn between pursuing HAMP and the anything-could-happen trial or just taking whatever BofA offers). If I could get into HAMP and cap at 4.94% that would make a difference over the course of time. Thanks as always for your excellent posts

[nativelasvegan]

Thanks Dave. This is good. I would which "mega servicer" they are referring to. I especially like the part that there was at least $1.5 million in expenses. Hopefully that number cut into the mega servicers profits. Anything that is developed that can help expedite this process is good. Thanks again for your post.