Capturing the Loan Modification Opportunity
“We currently have no automated tools and processes to address high risk pre-delinquent accounts, which are growing exponentially.”
While government-sponsored incentives for loan modification make it an enticing proposition for lenders and their customers, most lenders are facing numerous challenges in adapting their collections people, processes, and tools to deal with pre-delinquent accounts. Manual processes make it difficult to target at-risk customers, engage them in a dialogue to negotiate new loan terms, and conduct the necessary follow up to close the modified loan.
The FlexCollect® Loan Modification solution provides clients with unique capabilities to address pre-delinquent at risk accounts. FlexCollect Mod helps debtors target pre-delinquent accounts, effectively communicate offers and treatments, deploy and manage loan modification strategies, comply with government regulations, and automate the follow up process to increase pull-through. Delivered as a managed services solution, FlexMod gives lenders the ability to deploy quickly to reach the increasing volume of at risk customers before they become delinquent.
By implementing a solution designed for the unique needs of pre-delinquent accounts, lenders can:
- Eliminate reliance on rudimentary, manually-assisted workflows to address the opportunity
- Identify at-risk accounts to begin initiating dialogue with them in recognition that they are only used to hearing from you when something is wrong
- Augment agent outreach to keep pace with the rapid increase in volume of at-risk accounts
- Learn the customer’s preferred communications method and make them aware of the individualized modification offers that exist
- Leverage preferred communications methods as part of an automated modification-specific workflow to ensure that the customer completes each step and doesn't abandon the process mid-stream