Fannie Mae has implemented eMASON's Clarifire application for servicers to use in complying with the foreclosure pre-filing mediation process mandated by the Florida Supreme Court's administrative order. The Web-based technology automates the workflow for servicers and other parties involved in the mediation process, including retained attorney firms, mediation case managers and counselors.
Clarifire automation will help servicers improve the prospect and cycle times associated with assisting borrowers by offering mediation and related workout options early in the loan's delinquency as required by the state, eMASON says. The Florida Supreme Court mandates that servicers offer mediation to homestead residential borrowers before a summary judgment can be filed and a foreclosure sale held.
The technology will also expedite the process for Fannie Mae loans where mediation is either not accepted by the borrower or does not result in an agreement or a workout as outlined by the initiative, the company further explains.