CLARIFIRE Solution Streamlines Servicing Workouts

 Clarifire, a provider of workflow automation, announced that the CLARIFIRE workflow automation application has gone live with Resolve, Freddie Mac’s new integrated default management solution. Resolve offers B2B integration through application programming interface (API) technology to speed up loan workout option processing for servicers and provide faster mortgage assistance for borrowers.

CLARIFIRE leverages the Resolve API Suite to deliver rapid, rules-based workout decisions to servicers. The integration enables servicers to use Resolve automatically and seamlessly from CLARIFIRE to rapidly calculate and display decision workouts, potentially while the servicer is on the phone or engaging with the borrower.

CLARIFIRE is an award-winning automated workflow technology for servicers that uses intelligent business rules to automate complex processes and quickly distribute critical information and documents to users, allowing them to respond faster to borrower needs.

Freddie Mac started with a handful of software vendors to integrate their technologies with Resolve. Jane Mason, founder and CEO of Clarifire, said her company’s clients are “super excited” about the integration. Before Resolve, determining the correct workouts under Freddie Mac’s guidelines and documenting the decisioning process took more time and effort.

“We are thrilled that Freddie Mac reached out to us to become one of the first approved vendors for Resolve,” said Clarifire CEO Jane Mason. “Our integration is further evidence that CLARIFIRE is one of the most innovative and valuable servicing technologies in the mortgage industry. As millions of forbearance plans come to an end,  Freddie Mac’s servicers can now streamline loan workouts, saving them an incredible amount of time and labor. More importantly, it ensures that borrowers get a faster response when seeking help.”

 “The power of the integration lessens risks, cuts costs, and streamlines our servicing processes, positioning us to grow even more,” said Roundpoint Mortgage Servicing executive David Hughes, an avid CLARIFIRE user, says.

Resolve takes a borrower’s assets, income, and expenses and determines the appropriate workouts available to the borrower, such as a payment deferral or loan modification. Servicers can also get details on why a borrower doesn’t qualify for a particular workout.

The integration enables retention and liquidation workout eligibility decisioning, approvals and settlement. CLARIFIRE clients are currently taking advantage of the retention component and will eventually be able to perform liquidation workouts, such as short sales and deed-in-lieu transactions.

“It’s our vision to reimagine servicing through innovative solutions…Resolve will transform how the industry manages defaults. Having an integration partner like CLARIFIRE accelerates that vision,” said Cecelia Raine, Vice President of Servicing Strategy and Integration at Freddie Mac.