As per WSJ reports, “the current recession has made it particularly hard to determine who is creditworthy: Millions of Americans are behind on their debts and opting for forbearance plans. The type of consumer that has been impacted by COVID-19 is not the traditional default consumer. It is a customer that used to be able to make the regular monthly mortgage payments, and they are just as shocked by this environment as the servicers are.
Well, no one really knows how to manage a world pandemic. Servicers concern, “How do we help as many borrowers as possible in a short period of time?” Whether that be through technologies, through the phone, to ensure that consumers are informed of their legal rights and processing their forbearance requests in-time.
The biggest challenge, as this has evolved, is really about the resolution piece.
At PrivoCorp, we streamline mortgage default servicing for servicers. We have expert loan servicing teams and a robust platform for servicers that will help manage the forbearance and other mortgage default servicing related requests with a high level of quality and consistency.
The mailbox monitoring platform will make sure that every request coming in is allocated to the relevant processor, in time and SLAs for response are defined clearly. Through the system, servicers can also keep borrowers informed of options, and reassure them. The solution itself rides on robust technology and a unique ticketing system that tracks every request through to its logical closure and tracks SLAs, timelines, and flags compliance issues. Yes, our Mailbox Monitoring Platform does that all.
Many of our clients choose to partner with us as we offer end-to-end mortgage servicing support right from Loan Boarding, mortgage loan modification to managing default operations, and loss mitigation.
PrivoCorp is uniquely positioned to help servicers of all sizes transform and scale their mortgage default servicing operations.
We welcome the opportunity to showcase our capabilities and provide you with focused solutions that fit the needs of your mortgage default servicing operations.