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Servicers Get Help Complying With Consent Orders

Commerce Velocity unveils enhancements to Optimizer

July 12, 2011

By staff

A day ahead of a critical deadline for the nation's biggest servicers to respond to consent orders signed three months ago, an enhanced service was announced to help the mortgage firms meet the conditions of the orders.

On April 13, the Federal Deposit Insurance Corp. disclosed that the 14 largest mortgage servicers faced enforcement actions over their servicing practices, and eight of the companies entered consent orders with the Office of the Comptroller of the Currency.

While the orders required that the servicers submit plans; programs, policies and procedures; and foreclosure review engagement letters by June 13, the OCC extended the deadline until July 13.

On Tuesday, Commerce Velocity unveiled enhancements to its Optimizer solution that will reportedly help the servicers meet the requirements of the consent orders.

The Irvine, Calif.-based firm said that the enhancements include technology that enables servicers to "address consistent policy
enforcement, implement timely processes with comprehensive audit trails and transparency, and enable clear inter-departmental communication between loss mitigation and foreclosure divisions so that their processes are not running in parallel."

Optimizer promises to help servicers systematically implement regulatory policies across their operation and monitor the timeliness and completion of default or foreclosure processes.

Commerce Velocity President Umesh Verma explained in the statement that while each defaulted loan requires detailed attention, the volume of distressed loans has presented a "major challenge." He said that the service requires little training and leaves a clear audit trail.

"Providing servicers with the ability to document and timestamp system activities by the parties integrated, including the borrower, not
only meets a consent order requirement, it is smart regulatory risk management," Verma stated.

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