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Extending Loan Servicing Support to Servicers in View of the COVID-19 Situation

In: Blog

Servicing loans is much more than retaining a portfolio and collecting payments; it’s about meeting the evolving needs of your customers and delivering an improved borrower experience. The current Covid-19 pandemic is causing significant social, economic and personal disruption. Most companies have 90-100% of staff operating remotely. The availability of teams to handle work volumes has been a challenge.

In this time of crisis, PrivoCorp is offering loan servicing support to Mortgage Servicers to help them improve borrowers’ experience and retain their customers.

We are extending loan servicing support to servicers to assist in every way, we can. We have invoked our business continuity plan at our global centers and have been able to ramp up operations to almost 150% capacity in order to support our clients. Whether it is loan boarding, introductory customer communications, setting up loan information on the servicing system, we are helping servicers in these difficult times.

Support in Default Management & Loss Mitigation

  • We help servicers engage effectively with borrowers identified in early-stage default
  • We co-ordinate with other related third-party agencies to mitigate the loss for the servicer
  • We support mortgage servicer in cases of foreclosure and default in loan modifications

Assistance in Loan Boarding

  • We assist mortgage servicers with introductory customer communications
  • We set-up loan information on the servicing system
  • We help authenticate the given information
  • We ensure that all needed documents are available in the loan file

Assistance in Investor Reports

  • We offer a generation of investor accounting reports based on the given directions
  • We make accurate data/reports available on-time
  • We simplify the process of investor engagement for you

For more details, check out our other suite of Services here.

With the COVID-19 pandemic bringing in so much uncertainty to business, it’s the best time to invest in a mortgage servicing partner. PrivoCorp has been serving the mortgage industry for 10+ years. We offer end-to-end mortgage servicing support right from Loan Boarding to managing default operations and loss mitigation. Our team ensures that we understand the needs of your clients and that we are proactive in our communications to the borrowers and provide timely services.

Since we are Extending Loan Servicing Support to Servicers – you can reach out to us in these times of uncertainty. Please stay safe and healthy. We are all in this together.

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