""Commerce Velocity"":http://www.cvelocity.com, a member of the Fidelity National Financial family of companies and a California-based provider of default technology, has enhanced its Optimizer solution to help achieve the new requirements for the Quality Right Party Contact (QRPC) standard outlined by Fannie Mae and Freddie Mac as part of the GSEs' ""servicing alignment initiative"":http://www.freddiemac.com/singlefamily/news/2011/0516_servicing.html.[IMAGE]
The company explained that the new enhancements are designed to arm servicers with technology to document communication to the borrower regarding the resolution of their delinquent mortgage, as required by QRPC. It also maps all of the required notices, letters, and forms required to be integrated into a servicer's default processes by the October 1, 2011 deadline.
""QRPC has raised the bar for servicers to prove they have been diligent to build rapport with the borrower, understand their financial circumstances and intent, educate the borrower on foreclosure alternatives, and obtain a commitment from the borrower on the resolution[COLUMN_BREAK]
path going forward,"" said Umesh Verma, president of Commerce Velocity.
Verma notes, however, that the new QRPC mandate must be balanced with the Fair Debt Collections Practices Act, the United States Bankruptcy Code, and applicable state laws.
""It's unreasonable to expect workout specialists to manage all of these compliance risks without technological guidance,"" Verma said. ""Meeting the guidelines and achieving the QRPC benchmarks for compliance will require the support of technology that not only can manage the tasks but also document the communication attempts, document the tasks and requirements completed, and prove deadlines were met throughout all default stages.""
Commerce Velocity has enhanced its Optimizer technology solution to enable servicers to define collection calls as tasks, including follow-ups, which can be managed systematically, along with the capability to add notes and comments by default stage to provide the necessary servicing documentation required by QRPC. Additional enhancements enable servicers to manage property inspection orders and the forwarding of notices and letters to the borrower in a timely manner.
""The Optimizer audit trail provides confidence to our servicers that default stages and requirements are completed according to QRPC,"" said Verma. ""The ability to document and timestamp default activities will not only help servicers achieve the QRPC benchmark requirements but also help monitor the timeliness of borrower communication which we believe is critical to improved mortgage resolution rates.""