Irvine, CA - Commerce Velocity, a mortgage software provider with a proven history of rapidly implementing highly-scalable analytical solutions for leading financial institutions within the mortgage industry, today announced the release of one of its latest product offerings: HAMP-IN-A-BOX.
The HAMP-IN-A-BOX module, a subset of Commerce Velocity’s robust Asset Management Solutions, provides servicing institutions with instant access to a system that determines HAMP eligibility, performs the complex NPV calculations, executes the waterfall logic, creates all of the applicable trial payment schedules and generates the information necessary for HAMP compliance and reporting purposes.
“We’ve implemented solutions for a wide variety of servicers and specialty servicers,” noted Fred Popke, Commerce Velocity’s Product Director. “In all of these situations, in small and large scale shops alike, we found that servicers are finding it very difficult to keep up with the changing HAMP regulations and guidelines. Even though we typically also implement servicers’ custom loan modification, short sale or foreclosure guidelines, the most common pain they feel is getting a HAMP solution up and running. That’s why we ‘shrink-wrapped’ this module for them.”
Commerce Velocity provides the software as a SAS70 certified hosted solution, or servicers may elect to deploy the application behind their own firewalls. The software module can accept data feeds from servicing systems via batch upload or via single case file web-service submissions.
“This solution can immediately impact the bottom line of an organization by expeditiously reaching the decision of whether to modify the loan or liquidate the asset” stated Umesh Verma, CEO. “Once the decision is made, it also helps the financial services organization execute the optimal workout in a timely and compliant manner.”
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If you would like more information about this topic, or to schedule an interview, please contact Steve Sigaty at 714.338.7144 or email him at steves@cvelocity.com