CONSTANT TEAMS WITH SOLOMONEDWARDS TO OFFER TOTALMOD
As extensions and forbearances expire, TotalMod helps servicers manage the imminent spike expected in loss mitigation activity.
TotalMod provides borrowers with a self-service option to restructure their loan or process a workout option online, without human intervention and end-to-end.
Together, SolomonEdwards and Constant help financial organizations stand up this automated solution quickly and rally their teams to adopt a new approach to loss mitigation.
Start a new playbook.
As short-term relief expires, imagine low call channel volume, back office staff only working on the most complex situations, and no additional hiring. Seem unreal?
Dan, our charming chat bot, makes that possible. He works borrowers through a series of steps to determine ability and willingness to pay, provides a hardship offer within investor policy, and presents documents for e-signing. End-to-end loan modifications and workout options are his specialty.
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Make the change.
With SolomonEdwards' implementation and change management expertise, adopting this new playbook and staying compliant will be a breeze.
The team has decades of experience in project management, integration consulting and testing, process-engineering and more.
And as enforcement and supervisory actions increase, SolomonEdwards can help provide compliance support, response and remediation. The last crisis led to crippling compliance errors and unprecedented actions against financial organizations. This one will not be different. SolomonEdwards helps financial institutions expertly navigate evolving regulatory and compliance requirements.
With COVID-19, what's happening now, not 30 days ago, determines ability to pay.
Lots of data and smart logic take the guesswork out of which relief options to offer.
People are expensive. Manual processes are prone to errors and don't scale well.
Weeks or months is too long for a loan modification or workout. Borrowers expect fast results.
Out with the old.
Manual, paper-based approaches result in payment interruptions and drag down returns.
LOAN MODIFICATIONS ARE EXPENSIVE.
Loss mitigation efforts are very manual and usually reserved for high dollar loans like mortgages. Applying this strategy to troubled, lower dollar or unsecured debt is too costly and is not scalable - until now.
OLD DATA LEADS TO FLAWED SOLUTIONS.
Without a real-time snapshot of financial stress, relief options won't be right-sized. Using lagging indicators like bureau data to predict default is more likely to lead to re-defaults and higher collection costs.
PEOPLE MAKE MISTAKES.
People are a valuable and necessary expense in servicing. But they make mistakes. Errors can impact entire portfolios, create a drag on returns, and cause compliance headaches.
BORROWERS WANT ANSWERS FAST.
Nearly everything is automated today, and borrowers want answers fast. Paper applications, lengthy wait times and redundant calls frustrate people and perpetuate the risk of default.
In with the new.
Always on, constantly crunching real-time customer data, AI Dan makes offering loan modifications and workout options a breeze.
He works the process end-to-end so no human intervention is needed - unless the investor requires it.
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