What a difference a week makes. Our industry is in the throes of one of the most devastating events in history, and we are all grappling to keep up with daily updates from the White House, government agencies, and investors. “Temporary flexibility” is the phrase of the day in reaction to COVID-19, which doesn’t make it any less complicated to respond. It’s definitely time to step it up and tame the chaos. We are a resilient industry, and once again, we need to show strength.
Here’s how we do it:
- Channel new ways of doing business and put them into practice now.
- Expand access for your customers, create new ease in doing business.
- Don’t wait – Identify challenges and solutions, then execute and implement.
Channel New Ways of Doing Business
Don’t confine your organization to old ways of doing business. Forego the urge to band-aid processes, including the use of spreadsheets or shortcuts to get the job done. Think volume, velocity, and bulk automation. This approach may go beyond your shop’s comfort zone but is a real option in today’s data-driven environment. As incoming requests are received, instead of viewing work from a file-by-file perspective, look at downstream processes and group actions in bulk.
By leveraging existing data upload capabilities, default file information can be captured and processed for eligibility, as well as pushed through additional departments and processes without intervention. Transitioning loan data through an automated decisioning application, coupled with AI, removes complex work processes from your diminished staffing resources. This approach significantly improves processing time and capacity while reducing operational risk.
Expand Access for Your Customers
Don’t keep your customers in the dark. As homeowners become anxious in the midst of COVID-19’s path, don’t leave them unattended. Today’s customer engagement systems need to include dynamic FAQs, chat, and mobile access. Taking 24/7 availability and making it meaningful on a real-time basis is not only a possibility, but it’s also a necessity in developing long term customer relationships and meeting the needs of homeowners, especially during this crisis.
As consumers are significantly more adept at self-serving, make certain your website has the links borrowers need to evaluate options and determine next steps on their own. This conveys that your organization is responsive without tying up valuable resources. More importantly, set up access from your website to migrate customers to loss mitigation eligibility decisioning and approval. This level of functionality is accessible, and loan level results can be achieved in less than three minutes!
Identify, Solve, Execute
Don’t wait! You’re ready to tame the chaos. Think outside of the box as you and your team are identifying relief processes and corresponding requirements that will apply to your borrower population as they face default scenarios. Next, prepare to solve COVID-19 obstacles using a SaaS approach coupled with sophisticated configurable workflow. SaaS will facilitate moving and accessing data when and where you need it, while automated workflow influenced by AI completes complex decisioning and maintains rule adherence. Most importantly, in a SaaS environment, software can be expeditiously deployed in your shop with no interruption to your business. You can access loss mitigation services, inclusive of forbearance, in time to meet the challenge of escalating COVID-19 delinquency.
Now execute by accessing loss mitigation technology. With a tenured technology business partner, your organization will simultaneously increase visibility and accessibility for your borrowers and mitigate unnecessary risk created by manual processes and workarounds. Don’t wait to evolve your COVID-19 strategy!
Founder and creator of the CLARIFIRE® automated workflow application