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FAR Establishes Borrower Engagement Division

Navi Persaud
Oct 22, 2021

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

The Borrower Engagement Division will give customers immediate and direct access to a specialized team of experts dedicated to providing personalized support, guidance, and peace of mind throughout the entire life of their loan, according to FAR.

The company says it laid the groundwork for its Borrower Engagement Division more than two years ago when it identified a need to ensure that customers of its proprietary HomeSafe suite of products were guided through the entire servicing process by experts.

Since then, FAR said it focused on growing the team—increasing the number of professionals fivefold from five in 2019 to more than 25 today—and expanded its customer-first approach to address borrowers’ questions and needs.

“Our commitment to customers doesn’t end when the loan is approved. That’s just the beginning of a long and lasting relationship. We are rethinking and improving every aspect of the customer experience to make sure borrowers feel supported in their journey,” said Kristen Sieffert, president of FAR.

Support is offered via a dedicated 1-800 number and an online portal where customers can get information about their statement, line of credit, or other needs. By leveraging FAR’s technology suite, the division can identify potential pain points for customers and proactively reach out to help so customers remain in good standing and can receive the maximum benefit from their loan, according to a press release.

The division also plants a tree for each customer who passes away and provides specialized support to help heirs navigate the payoff process.

The Borrower Engagement Division works with loan officers and customers to advise on more complex matters and resolve issues regarding repair riders, taxes and insurance. It is also exploring ways to connect customers with other Finance of America partners. This includes FAR’s subsidiary, Silvernest, a home-sharing service that matches older homeowners with suitable roommates to provide additional income in retirement, and Finance of America Home Improvement, which can help homeowners looking to renovate their home to age-in-place.

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