Fannie Mae has certified eMASON's Clarifire application for Home Affordability Modification Program (HAMP) workout rules. The application is a Web-based process automation technology solution that streamlines workflow, providing eMASON clients, as well as their partners and borrowers, real-time access to their business processes, workout rules and results.
According to company President and CEO Jane Mason, Clarifire has already provided ‘proven results’ to one unnamed megaservicer. The system decisioned 28,000 cases and sent 15,000 HAMP letters to borrowers in a three-week period.
‘Management indicated it would have taken three months to generate that number of decisions without Clarifire technology – saving an estimated $1.5 million in expenses in one month," she says.
EMASON says Clarifire ensures servicers are using the most current version of workout rules at all times, increasing the number of delegated cases by 60% and reducing the need for Fannie Mae approval.