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FW: DMM BK Web Portal - Important Information
To All Attorneys Registered on the DMM BK Web Portal:
We are pleased to announce that Default Mitigation Management LLC, in
conjunction with the Chapter 13 Bankruptcy Trustees, is releasing a new
version of the DMM BK Web Portal. The new release is another step forward
in creating more effective channels of communication between debtors'
counsels, servicers, and now the trustees, and streamlining the loss
mitigation process - in and out of bankruptcy.
The new release is easier to use and more robust. Two critical new features
have been added - (1) a message center and (2) a trustee module.
The message center will track all communications between the attorney and
servicer from file submission to resolution and will ensure that all parties
are always aware of the current status of any file. The trustee module will
enable trustees to view the status of any file in their district, enabling
them to more effectively monitor the progress of their cases.
Another change being made to the Portal is that DMM will no longer forward
files to servicers who are not on the system (although we will continue to
work with attorneys to close out files that have already been submitted to
such servicers). Experience has shown that while servicers who are on the
system are being responsive and working with attorneys, servicers who are
not on the system for the most part are not. This has been the greatest
source of confusion and frustration for our attorneys so DMM will no longer
forward these files. Going forward, submissions through the Portal will be
made only to those servicers who are on the system. Fortunately, most of
the major servicers (representing approximately 75% of all servicing
volume) are already on the DMM Portal (or in the process of joining)
including:
. 21st Mortgage Corporation
. Bank of America
. Chase
. Countrywide
. EMC
. GMAC
. Litton
. New South Federal Savings Bank
. Ocwen
. Resurgent Capital Services
. Saxon
. Select Portfolio Servicing
. Washington Mutual
. Wells Fargo / America's Servicing Company
Our target date for the launch of the new release is May 4, 2009. All
active files will be ported into the new system.
We will be running WebEx demonstrations of the new site throughout the week
beginning April 27th. Please go to https://dmm.webex.com to view the
schedule and register. (Make sure you are looking at the correct week and
click the register link to register for the demonstration you wish to
attend).
We strongly encourage all attorneys to sign up and register for a
demonstration of the new release. The demonstration should last no more
than 30 minutes and will make the transition much easier. We especially
encourage those of you who registered for the DMM Portal and have never used
it or stopped using it, to join us for a demonstration. Given the responses
we have had from the trustees and the servicers who have already seen it, we
think you will find the new system easier to use and a much more effective
tool.
Thank you.
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