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.”