Skip to main content

Constant Releases AI Platform to Ease Forbearance Requests

NationalMortgageProfessional.com
Apr 10, 2020
Constant has announced the new addition of the Constant+ Mortgage module, along with loan workout add-ons for short sale and deed-in-lieu of foreclosure to its AI-powered software platform

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.”

 
Published
Apr 10, 2020
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021
New American Funding Hires Regional Manager

Mark Tribuna will lead effort to expand company's partnership with affordable nonprofit builders in mid-Pacific region

Industry News
Oct 21, 2021
Rocket Pro Announces Initiatives To Boost Brokers

Company brings Rocket Tech, the Rocket Network and Rocket Marketing to mortgage brokers across the country

Industry News
Oct 19, 2021