SolomonEdwards and Constant Partner to
Offer TotalMod to Financial Institutions
New Solution Automates Loan Modifications and Other Workout Options End-to-End
WAYNE, Pa. and PORTLAND, Maine, June 2, 2020 /PRNewswire/ -- SolomonEdwards and Constant today announced a cooperative agreement to offer their TotalMod solution, developed to help financial institutions manage the imminent spike expected in loss mitigation activity following the expiration of extensions and forbearances.
The TotalMod solution is intended to help financial organizations mitigate the need for large staffing campaigns and reliance on inundated phone channels that challenge servicers' ability to comply with consumer protection laws and shifting regulatory requirements related to financial reprieve.
"We're excited about the potential of Constant's platform to help digitally savvy borrowers secure a loan modification or other loss mitigation options in minutes. In addition to automating mortgage workout options, this groundbreaking platform introduces mortgage-style loan modifications to the consumer space where post-extension and deferral options are limited," says Candace Caley, Managing Partner at SolomonEdwards. "We are confident that TotalMod will help us deliver an exceptional client
experience and enhance our competitiveness, while continuing to address our clients' evolving needs today and into the future."
"SolomonEdwards' expertise on managing the changing regulatory environment, coupled with superior banking and mortgage expertise and customized solutions, makes them an ideal partner as we approach a wide variety of financial organizations," says Catherine Powers, CEO at Constant. "Together, we can help clients stand up an automated loss mitigation solution quickly and provide compliance support, response, and remediation as anticipated enforcement and supervisory actions are expected to increase."
Notes to Editors:For further information on Constant and its hardship relief solutions or to speak to Constant principal(s), please contact Mary Beltrante at email@example.com or (207) 807-0212.
For further information on SolomonEdwards and its banking and financial services solutions or to speak to SolomonEdwards' banking and financial services partners, please contact Mark Gaydos at firstname.lastname@example.org or (484) 654-9810.
About ConstantConstant offers its AI-powered software platform to financial service providers to accelerate hardship relief support, applying decision based logic and API-driven analytics to replace manual processes. The company built the platform for the loans it originated to mitigate losses, reduce reliance on the phone channel, and avoid the high costs of distressed loan servicing during a recession. When the COVID-19 crisis accelerated consumer financial stress, Constant's team offered the technology to other lenders and servicers.
About SolomonEdwardsSolomonEdwards is a national privately held professional services firm focused on strategy execution. Our largest business line is the Banking & Financial Services Practice (BFS) where focus on the changing financial services environment, coupled with superior banking, mortgage and consumer finance expertise make us the ideal partner. Whether your priorities are externally focused from a regulatory standpoint, or internally focused to improve efficiencies, reduce risk, decrease costs or streamline workflows, the success of transformative initiatives are key. Our BFS team members have sat in the seats of our clients, allowing us to bring best practices to the engagement, while avoiding costly ramp up time and delayed learning curves. Our strength lies in our ability to tactically assist clients with projects and initiatives in today's challenging environment.
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