CLEARWATER, Fla., Dec. 27, 2010 /PRNewswire/ -- eMASON announced today that its Clarifire® application has been implemented by Fannie Mae as the technology solution for its servicers' use in complying with the foreclosure pre-filing mediation process mandated by the Florida Supreme Court's administrative order. The advanced web-based application provides secure, automated workflow for its loan servicers and business partners involved in the mediation process – including retained attorney firms, mediation case managers, and counselors - all on one consolidated platform.
Clarifire automation will help servicers improve the prospect and cycle times associated with assisting borrowers by offering mediation and related workout options early in the loan's delinquency as required by the state. The Florida Supreme Court mandates that servicers offer mediation to homestead residential borrowers before a summary judgment can be filed and a foreclosure sale held.
"We are extremely proud to provide our advanced technology to this important Florida Mediation initiative to assist borrowers in need," said Jane Mason, president and CEO of eMASON, Inc. "Clarifire automation delivers an innovative and standardized approach to managing workflow, centralizes communication and documents, and allows all parties in the Mediation process the ability to work together on one platform for complete auditability, gain in efficiencies, and reduction in costs."
The technology will also expedite the process for Fannie Mae loans where mediation is either not accepted by the borrower or does not result in an agreement or a workout as outlined by the initiative. Florida is the first state to receive the benefit of Clarifire automation for processes related to pre-filing mediation.
Currently, more than 25,000 users rely on the Clarifire application to automate their workflow. eMASON's Clarifire application bridges gaps between built technologies and provides many advantages to the Florida Pre-filing Mediation process, including:
- Automated Workflow: Clarifire automates workflow between all parties seamlessly, and presents tasks in priority order, streamlining the each step of the process from the referral of mediation to recording the workout and post-mediation session results to the case in the application.
- Increased Visibility: The application provides all parties secure and increased visibility and auditability of the status and progress of loans in mediation, and increases servicers' ability to meet compliance requirements of the mandated program.
- Work Presented on Role-based Dashboards: All work is managed on role-based dashboards to manage tasks, monitor deadlines, manage and respond to overdue deadlines and exceptions, and gain visibility into their loan pipeline – all in real-time.
- Streamlined Communication: The application centralizes and improves communication between all participants (reducing/eliminating the need for external faxes, emails and phone calls).
- Documents Centralized and Automatically Routed: Clarifire provides automated generation, transmission, access, and storage of documents at the case level.
- Automated Notifications: All parties are alerted of key milestones via automated notifications, such as when case documents are available for review within the application, as well as scheduling and tracking of mediation and counseling sessions.
- Enhanced Tracking and Reporting: The technology automates tracking and reporting capabilities, captures key compliance metrics, and allows generation of customized reports.
About eMASON, Inc.:
eMASON is a software provider based in Clearwater, Florida, specializing in web-based process automation for the financial services industry. Its Clarifire application generates a competitive advantage by providing reduced costs of doing business, increased productivity and ability to effectively manage increased volumes with proven results for any business. Committed to being at the forefront of its industry, the company is dedicated to blending out-of-the-box process automation with next-generation integration. eMASON is also one of the nation's fastest-growing private companies as ranked in the 'Inc. 500.' Please visit emason.biz.
SOURCE eMASON, Inc.