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Calls from otherwise current and historically timely paying customers will continue to skyrocket. Most of them have never needed to call you before and do not know what to expect. They will be reasonable as long as the customer service they get is reasonable. If not, don’t expect them to stop calling. From the BORROWER Investors and insurers expect you to make necessary staffing changes to answer the phones in order to get borrowers on the right loss mitigation plan. Many servicers with historically low volumes of delinquent loans may not be prepared for these kinds of calls and may not understand how difficult it can be to navigate these conversations while ensuring compliance with insurer and investor regulations. From THE REGULATOR The quicker a servicer can engage borrowers and get them on some sort of loss mitigation plan the sooner that borrower can begin to contribute to the cash flow of the servicer. Borrowers are more likely to make payments on a plan they know and understand. Otherwise, the tendency may be to hold back all available funds just because the borrower may believe the servicer will only accept the full amount due. From your BANK ACCOUNT (liquidity constraints) STAY CREATIVE! Creating intuitive, desktop training guides sounds easy, until you have to incorporate 14 changes a week from various regulators for temporary call agents! Our team of compliance experts can equip your current, new or temporary staff to be able to handle and manage the issues, questions and answers to help get your borrowers on appropriate loss mitigation plans. EVERGREEN TRAINING & TOOLS Our team is experienced in the detailed working of a mortgage servicer and where the holes and opportunities are that can drain or save cash. We can help you build a liquidity risk assessment and an action plan to address these concerns. From creative call scripting to custom credit facilities, there are options for nearly every situation. LIQUIDITY (cash flow) OPPORTUNITY ANALYSIS Solving these problems isn't easy, but getting started can be! BridgeRM. Servicing risk, managed. schedule a meeting with an expert • Call 405.938.1300 • [email protected] Create an online intake form to reduce phone abandonment rates and better manage call queues. Re-configure IVRs to prompt the borrower towards other forms of communication. Utilize foreclosure staff to counsel borrower's on non-loss mitigation questions. Sign up for a BridgeRM Staffing Needs Analysis 1 2 3 A "Staffing Needs Analysis?" A quick and easy-to- understand projection of your collection and loss mitigation staffing needs will identify quick wins. With a little information, we can quickly help assess more complex staffing situations. Common Myths MYTH: "We don't have time to train." FACT: You don't have time to get it wrong. Creating intuitive desktop guides, and routine, contextual training by leveraging outside experts creates fewer follow-up calls and improves compliance. MYTH: "There's nothing I can do to stem the tide of poor cash flow until 2021." FACT: Liquidity problems are solvable. Let us show you how! Expectations Practical Execution Turning into The stakes have never been higher. Today, more than ever before, default servicers must critically assess current capacity and respond quickly. Great expectations must be met with great execution. Here are a few practical steps to weather the storm. "Great Expectations" Mortgage servicing default management in light of COVID-19 This document is provided for informational, non- commercial use only. Redistribution prohibited. Compliance with regulatory requirements remains the responsibility of the mortgage servicer. Before making any decision or taking any action that may affect your business, you should consult a qualified professional about that specific situation. BridgeRM shall not be responsible for any loss sustained by any person who relies on this document. Disclaimer
