We’ve been hearing some good things about the latest version of the DMM Loss Mitigation Web Portal. For those of you who don’t know what this is, here are some excerpts from their marketing material.
The DMM Loss Mitigation Web Portal is a secure electronic interface that enables borrowers (through their attorneys and/or counselors)1 and loan servicers to exchange documents and communicate more effectively and efficiently about distressed loans in need of loss mitigation – before, during or after a bankruptcy.
The Portal opens up a whole new dedicated and direct channel for clear communication between borrowers and servicers. The Portal automatically tracks the status of every file – from submission to resolution. Borrowers and servicers can message each other through the Portal to resolve any issues that may arise throughout the process and submit any additional documentation that may be required. Servicers can even deliver loan modification packages to the borrower, saving time and money. And, all communications between borrower and servicer are tracked; thus, ensuring that both parties know the exact status of any submission at any time. A full history of every account can be viewed at any time with a click of a button. In addition, both parties receive notice of any updates or changes to an account – on the Portal and via email.
DMM have been making big improvements since their site first launched and we hear that the newest features have made a big difference and is worth checking out.
Some new developments include:
- A Pilot Program with the Southern District of New York’s BK Court to use the Portal to facilitate the formal loss mitigation program adopted by the Court. Bank of America and Wells Fargo are participating in this Pilot program.
- The DMM DocuMentor – a new software program to be released shortly that will enable you to break apart one large pdf and save it into the separate documents you need to submit through the Portal. No more printing and rescanning. This will be particularly useful for those of you using fax servers and having your clients fax you their packages.
The Portal is free for the borrower and their attorneys and counselors. The Servicers pay a processing charge for each account delivered to them.
For more information on the Portal, you can contact Igor Roitburg or Joe Smith at 800-481-1013 or email them at firstname.lastname@example.org.
To register to use the Web Portal, go to https://www.dclmwp.com.