A Storm is Coming. Is Your Servicing Organization Ready?

Correction, the title should read 19 storms are coming. At least that’s the prediction released last month by Colorado State University. The Atlantic hurricane season officially starts on June 1st. Homeowners are being urged to prepare for a more than the normal number of hurricanes making landfall, as well as the possibility of another record-breaking year overall. Just as homeowners in potential strike areas make their annual preparations for the possible storms, mortgage servicers should also take the time now to ensure preparedness for escalating disaster relief measures before they are needed.

Both 2020 and 2021 were considered extremely active Atlantic hurricane seasons. Did you know that the 2020 hurricane season was the most active on record and the 2021 season was third? Now is not the time to take a pause. It looks like 2022 is going to follow suit, which means it could be another busy summer for servicers. Colorado State University has predicted 19 named storms. Nine of those storms will be hurricanes, with at least four that will become Category 3, thereby classified as “major” hurricanes.

Colliding Storms

NOAA is set to issue its official 2022 Atlantic hurricane season forecast on May 24th. Fingers crossed, it will not exceed the prediction published by the Colorado State University researchers. Mortgage servicers are already reeling from the crazy weather patterns that ushered in multiple spring tornados and raging wildfires amidst record hot temperatures and low amounts of rainfall. Throwing in a couple of hurricanes on top of that could cripple an ill-prepared organization. As chaos converges, it becomes critical to have robust process automation.

Always unpredictable in terms of when, where, and how intense, natural disasters can take mortgage servicers by surprise with escalating calls from distressed borrowers, claims processing, and loss mitigation efforts overnight. Managing extreme volatility and properly scaling productivity is not an endeavor that can be left to manual processes or spreadsheets. With natural disasters continually rising, is your organization leveraging process automation? Is your operational plan generating efficiency and scalability that is compliant and cost-effective?

Prepared?

Preparing for storm seasons and other natural disasters is the epitome of complex servicing, demanding automation to streamline the chaos. If the pandemic has taught servicers anything, it is the need to be nimble, transparent, innovative, and ensure your processes readily drive change. As you prepare for this season’s natural disaster lineup, here are the top three areas to focus on:

1. Customer Accessibility – 24/7 mobile, real-time customer access to automated, proven relief options, including proactive, responsive communications capable of addressing crucial demands for your distressed homeowners in their time of need.
2. Expedited Processes – Intuitive automation, plus bulk processing of like requests, significantly speeds up response times, facilitating tedious processes, such as rapid relief eligibility determination and workout options, complete with comprehensive, informative communications, presenting compelling results in minutes.
3. Shifting Resources – natural disasters occur without warning, making resource allocation a challenge. With predefined exception-based business rules and dynamic workflows, organizations can incorporate work distribution and balance automation.

Technology That Makes It Happen

The future of loss mitigation is real-time seamless servicing that modernizes your operations and accelerates your capacity to deliver rapid relief. CLARIFIRE® produces the results your organization requires, furnishing complex, scalable process automation that meets regulatory demands in addition to borrower expectations and retention. Driving innovation that is revolutionary in its approach to workflow, rules management, and automation, CLARIFIRE surpasses dated techniques and systems with a cutting-edge, cost-effective, proven loss mitigation application. Alleviate any worry about industry complexity, meet the challenge of disaster relief volatility, and provide distressed borrowers with meaningful, self-serve results 24/7, along with easing the demands of your servicing organization.

Find out how CLARIFIRE can transform your approach to disaster relief with real-time, no-touch, seamless servicing. Visit us at eClarifire.com or contact us directly at 866.222.3370. Let us show you how to future-proof your organization with CLARIFIRE, truly BRIGHTER AUTOMATION®

Jane Mason | @janemasonceo

Jane has applied her vast experience (over 25 years) operating process-driven businesses to successfully redefine client-focused service. Jane has worked with expert programmers to apply cutting-edge web-based technology to automate complex processes in industries such as Financial Services, Healthcare and enterprise workflow. Her vision confirms Clarifire's trajectory as a successful, scaling, Software-as-a-Service (SaaS) provider. A University of South Florida graduate, Jane has received many awards related to her entrepreneurial skills.

 

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