Constant Releases AI Platform to Ease Forbearance Requests

Apr 10, 2020

Constant has launched an AI-powered software platform for banks and non-bank consumer lenders that provides faster and more accurate decisions about payment deferrals, loan modifications and other workouts. The solution was designed to reduce the massive incoming call volume and long wait times caused by COVID-19 financial hardships.

“Over 10 million Americans have filed for unemployment against the backdrop of $16 trillion of consumer debt,” said Catherine Powers, chief executive officer of Constant. “In response to lost wages, bank and non-bank lenders have directed borrowers to call for payment relief options. With mortgage forbearance requests alone increasing by nearly 2,000 percent, the COVID-19 crisis has shone a spotlight on the lack of preparedness to support hardship relief requests.”

Constant’s platform evaluates a borrower’s real-time financial situation and provides repayment options and, when appropriate, loan modifications in a matter of minutes, without human intervention.

“Whether a lender or servicer is offering to skip payments or a more complex hardship solution, that effort can take weeks or months with the high volume of incoming requests for help,” said Powers. “However, our platform can do it in minutes by engaging with the borrower, evaluating real-time, customer-specific information and automatically creating relief options that solve the problem and encourage payment performance—all within investor parameters.”

About the author

NationalMortgageProfessional.com

Link copied

Published

Apr 10, 2020

Industry News

Newfi And Addy AI Announce Partnership

Newfi and Addy AI today announced a collaboration focused on the continued evolution of artificial intelligence in mortgage lending

Newfi and Addy AI today announced a collaboration focused on the continued evolution of artificial intelligence in mortgage lending.Newfi has built innovative lending products and a modern approach to the mortgage market. As the industry evolves, the company continues to exp...

Analysis and Data

Smaller Down Payments Give Buyers More Room, But Rates Limit The Savings

The typical down payment fell 9% from a year ago, while shifting market conditions are giving originators different affordability conversations across the country

Homebuyers are putting less money down than they were a year ago, another sign that increased inventory and greater negotiating room are changing the purchase market.The typical down payment fell to $27,100 in the second quarter of 2026, the lowest second-quarter dollar amou...

Oct

Denver, CO

More from

Industry News

CHLA: More Freddie Mac MBS Buying Could Narrow Mortgage Spreads

Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying

Industry News

Sep 23, 2026

Early Loan-Limit Race Splits Into Three Tiers

Lenders are now offering $845,000, $847,440, or $850,000 before FHFA sets the official 2027 limits

Industry News

Sep 23, 2026

Better, Garg Clash Over Claimed 46% Shareholder Support

Better disputes its former CEO’s preliminary consent count as the two sides trade accusations and an Oct. 2 target date approaches

C-Suite Strategies

Sep 23, 2026

Fannie Changes How Rent From A Former Home Counts

Fannie now prohibits leases for departing residences and permits market-analysis tools instead of Form 1007, creating a key documentation difference from Freddie Mac

Regulation and Compliance

Sep 22, 2026

MPF Expands Eligibility For Manufactured And Renovation Loans

The Mortgage Partnership Finance Program has expanded MPF Traditional eligibility for affordable loans, manufactured homes, renovations, and lender-funded assistance

Industry News

Sep 22, 2026