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How Digitization Can Smooth the Forbearance Process

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first_img Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Previous: DS5: Conservatorship’s Next Steps Next: OCC Discusses Meeting Servicer Needs May 13, 2020 1,647 Views Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / How Digitization Can Smooth the Forbearance Process Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago aspen grove Forbearance mortgage 2020-05-13 Seth Welborn Share Save  Print This Post How Digitization Can Smooth the Forbearance Process The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days agocenter_img About Author: Seth Welborn in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe In a new Aspen Grove Solutions white paper, “Digital Borrower Engagement….A Critical Tool for the Post-Forbearance Tidal Wave,” the authors model the impact of COVID-19 on default servicing volumes over the next 18 months or more and discuss how digital, user-friendly engagement with the borrower can help ameliorate the three major challenges servicers will face, including cost control, volume of loans, and compliance & risk. The paper considers how the crisis is a catalyst to digitize Life of Loan services, which will help build loyalty, not just through this crisis, but into the future, enabling a better outcome for all stakeholders.As Aspen Grove notes, everything in this crisis will happen in a much more compressed time period than the 2008 crisis. According to the white paper, “digital, user-friendly engagement with the borrower offers the only solution that can help manage the forbearance resolution and loss mitigation processes with a high level of quality and consistency, help keep borrowers informed of options, frequently communicate with worried borrowers to reassure them, and feed into backend technology solutions that are designed to move the volume through the pipe all at once without letting borrowers fall through the cracks.””Call centers and prepared scripts will be unable to handle the number of borrowers emerging from forbearance in the condensed time frame that results directly from the concentrated wave of borrowers entering forbearance,” says Aspen Grove. “Hiring and training large call center staffs will prove risky and challenging at best”With digitization in place, Aspen Grove notes that borrower engagement platforms will enable banks and servicers to extend services they can offer to their borrower customers, and will help build loyalty and engagement not just through this crisis but into the future.Read Aspen Grove’s complete whitepaper here. Sign up for DS News Daily Tagged with: aspen grove Forbearance mortgagelast_img read more