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Commerce Velocity Releases Loss Mitigation Borrower Portal

""Commerce Velocity"":http://www.cvelocity.com, a California-based member of the ""Fidelity National Financial"":http://www.fnf.com family of companies and a provider of mortgage default and origination technology, recently released its Loss Mitigation Borrower Portal.

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The portal supports the federal requirement instituted by regulators under the consent orders issued to servicers in April for communicating with borrowers via a single point-of-contact (SPOC).

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""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 portal enhances communication between servicer and borrower by providing the borrower with a place to review the status of a loan, upload financial documents, and access a single point-of-contact through the entire default process.

Borrowers can check qualification for modification programs, download forms, and upload requirement documents, allowing them to become active participants in the process.

""The Borrower Portal is more than just a technology component,"" Verma said. ""We see it as the gateway for constructive and transparent communication with the borrower, particularly at critical stages of default.""

About Author: Heather Cernoch

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