Default Mitigation Management LLC's (DMM) Loss Mitigation Web Portal is now available for use by states and municipalities in connection with foreclosure mediation programs. The portal allows borrowers to deliver required documentation to their servicers in advance of the mediation, while enabling all parties – including judges and mediators – to view the documentation and communicate with one another in real time.
The portal can be customized to meet the specific needs of an individual program, DMM adds.
Founded in 2008, in collaboration with debtors counsel, servicers and bankruptcy trustees, DMM's portal was recently made accessible to foreclosure counselors.
"Using the portal for foreclosure mediation is the next logical step, because mediation is meaningless or requires multiple meetings unless the proper documentation has been provided beforehand," says the company's president and CEO, Joseph Smith. "Too often that's not done, and the first mediation session is spent collecting information and documents or telling the borrower what to bring to the next session.Â That's expensive and wasteful for everyone."
DMM is currently negotiating with a handful of mediation programs about implementing the portal, Smith adds.