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May 2, 2023 by Bart Bailey
Loan servicers are starting to prioritize the customer experience, especially during the default process.
For customers in default, the worry of financial hardship can be overwhelming. After all, customers in stressful situations never forget the way they're treated. The best thing servicers can do is to look at default management through their customers’ eyes.
In default situations, many borrowers become frustrated with the procedure, particularly when negotiating a paper-based process. As many in the industry are keenly aware, most loan servicing still relies on manual interactions with customers. A typical example is the Mortgage Assistance Application (Form 710) required by several U.S.-based investors. Customers are asked to download, print, complete and mail or fax it to their loan servicer, which can take days. This method alienates people needing rapid assistance and adds to a lengthy and stressful process.
To help improve the customer experience, servicers are finally beginning to utilize technologies employed throughout the financial services industry. Text notifications, email, chatbots, advanced IVRs, and self-serve portals are critical for maintaining constant customer contact. Servicers can then follow up with automated workout decisions, digital document delivery, eSign and real-time notifications about where they stand.
Another area that affects the customer experience is gathering critical documents for the default process. Traditionally, customers gather together paystubs, bank statements, W-2’s and other documents. However, numerous third-party companies can now retrieve these documents directly from the source on their behalf. EarlyResolution has integrated with several of these partners to help reduce the delay and frustration associated with “document chasing,” a massive pain point in the default industry.
Zoreza Global’s automation and partner integrations make the customer experience better and timelier, saving the loan servicer money. But it’s not an all-or-nothing situation. It’s an evolution from a highly manual process to a more digital experience.
In our experience, clients using Zoreza Global’s EarlyResolution Customer Portal will move more and more call center operations to the platform over time. That said, some customers will always want to talk to another live person and have no problem rummaging in drawers and mailing, faxing or sending documents by courier. Although both inquiry channels will be needed for quite some time, more and more transactions will be done by mobile app or computer because a rapidly increasing majority want it that way. And EarlyResolution enables you to satisfy the demand.
EarlyResolution delivers a single source of truth across all management and digital channels, guaranteeing a consistent service for borrowers in whichever way they interact with you. Our solution generates:
Zoreza Global’s loan servicing solutions have the in-depth scalability, security and flexibility the industry demands. We also strengthen access to the fintech ecosystem by rapidly integrating applications from authenticated third-party providers.
If you’d like to learn more about how our EarlyResolution application could help you streamline processes and improve the customer experience, visit our website. Or maybe you’d prefer to chat through your loan default management pain points, in which case, email.
