IRVINE, Calif., June 16, 2011 /PRNewswire/ -- Commerce Velocity, a member of the Fidelity National Financial family of companies and a leading provider of end-to-end origination and default technology, has released their Loss Mitigation Borrower Portal. The portal provides transparency to the servicer and the borrower and supports the Inter-Agency requirement for communicating with a Single Point of Contact (SPOC).
The Borrower Portal enhances communication between the servicer and borrower by providing the borrower with a single place to review the status of their loan, upload financial documents, and access their Single Point of Contact through the entire default process. Borrowers can check their qualification for modification programs, download forms that need to be completed and upload requirement documents which allow them to become an active participant rather than sitting on the sidelines. Supplying the borrower access to important information creates transparency and takes away many unknowns for the borrower in a process that can be very confusing.
"We are excited to offer the Borrower Portal solution to the servicing industry," said Umesh Verma, President of Commerce Velocity. "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. The Borrower Portal is more than just a technology component," stated Verma. "We see it as the gateway for constructive and transparent communication with the borrower, particularly at critical stages of default."
About Commerce Velocity
Commerce Velocity, a member of the Fidelity National Financial family of companies, is a leading provider of origination and default technology solutions for the mortgage industry. Commerce Velocity combines its industry-leading technology with its depth of experience to help our client partners mitigate risk, lower operating costs, maximize loan value and provide an enhanced borrower experience. For more information about Commerce Velocity, visit www.cvelocity.com.
SOURCE Commerce Velocity