New Tech From Constant to Ease the Strain of Forbearance Requests
April 30, 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+ Mortgage will help ease the enormous strain of forbearance requests on lenders and borrowers by providing a self-service platform to process payment relief requests more quickly, more accurately, and without human intervention.
“When the initial forbearance plans expire this summer, the variety and complexity of hardships will require more than a one-size-fits-most solution,” said Catherine Powers, CEO at Constant. “Customers will be looking to extend their relief period, kicking off what will likely be a slow and perpetual cycle of ask and receive through 2021 and beyond. The skills required to sustainably underwrite troubled debt will require a higher level of expertise and experience than the initial round of forbearances. We believe that automating this and providing a self-service option is the only scalable solution for what will be a long-term problem.”
The new module evaluates a borrower’s hardship and offers appropriate relief, including forbearance, a repayment plan, or a loan modification with greater precision, and without waiting weeks to manually process. Alternative, automated options that allow the borrower to recover quickly include the short sale and deed-in-lieu add-ons. Overall, the module integrates with most servicing and collections platforms, seamlessly.
“The task of analyzing ability and willingness to pay is extremely personal, and creating empathetic interactions is both art and science,” said Powers. “AI Dan, our conversational bot, acknowledges the borrower’s hardship and reassures that we’re here to help. Creating an empathetic interaction with a bot requires natural language processing but also creative writers with loss mitigation expertise, designers and UX pros. And while AI Dan can process hundreds of thousands of customer conversations 24/7, there is always a human ready to engage or assign an escalation to the servicing team.”
NMP magazine recently featured Constant President and Chief Operating Officer Carissa Robb as part of its Mortgage Leadership Outlook series. Robb and series host Andrew Berman, head of engagement and outreach for NMP, discussed a number of things that Constant is doing for the industry in light of the Coronavirus pandemic. Robb focused on the fact that with proper technological preparation, the mortgage industry could have been better prepared to deal with the forbearance crisis and other issues.
See the entire chat between Robb and Berman in the video below.
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