Natural disasters have an impact that extends beyond the rising waters, the scorched structures, and the scattered debris. When lives are changed and jobs lost, the impact can be felt for weeks, months, and even years after. As the impacts continue to set in from the wildfires in California and hurricanes Harvey, Maria, and Irma, delinquencies are expected to rise as homeowners repair and rebuild. Are you ready to help them on their road to recovery?
Announcement of Extend Mod
Fannie Mae released a letter in November announcing a new modification program—Extend Modification for Disaster Relief—available to help those living or working in declared disaster areas. Extend Mod is a temporary post-disaster forbearance mortgage loan modification.
This modification enables homeowners to take advantage of suspended payments, penalty and fee waivers, and suspended reporting to credit bureaus of loan delinquencies. The letter detailed the requirements for eligibility and Extend Mod is available now for servicers to use as an option for those effected.
Implementation of Extend Mod
The deadline to implement Extend Mod is February 1, 2018. While the timing may feel like a crunch for servicers, a February deadline can seem like an eternity to impacted families. How much effort is needed from your organization to offer this modification to your homeowners? Is your technology flexible enough to tackle new modifications by the deadline?
With the flexibility of CLARIFIRE® and its workout decision engine CLARIFIRE CALCULATOR®, our clients will be able to evaluate a homeowner’s eligibility for Extend Mod with connectivity to SMDU and automatically launch workflow upon confirmation of the workout by the end of the year.
Business Rules Eliminate Gaps and Silos
Individual business applications or focused point processes that never interact create a scattered, fragmented network of ineffective workflows that are costly to any organization. Business rules connect disparate processes by orchestrating data and images from multiple sources simultaneously, eliminating fractals or fragmented processes by dynamically linking everything together.
Increase Extend Mod Capabilities
More is needed than just the ability to decision a workout. Once the new Extend Mod is in place, controls are necessary to govern execution of the process. Workflow coupled tightly with a workout underwriting calculator is the ultimate in oversight to eliminate gaps, mitigate risks through a standardized approach, and controlled by repeatable business rules logic and automated workload distribution.
The countdown is on and the deadline for implementing Extend Mod will be here soon. However, there's no need to panic! Combining eligibility, qualification, and decisioning into one platform with workflow automation can strengthen your loss mitigation solution, providing the control and confidence to rapidly simplify and standardize the new Extend Mod process.
Jane Mason, Founder and CEO
Jane has applied her vast experience (over 25 years) operating process-driven businesses to successfully redefine client-focused service. Jane has worked with expert programmers to apply cutting-edge web-based technology to automate complex processes in industries such as Financial Services, Healthcare and enterprise workflow. Her vision confirms Clarifire's trajectory as a successful, scaling, Software-as-a-Service (SaaS) provider. A University of South Florida graduate, Jane has received many awards related to her entrepreneurial skills.