How the Pandemic Influence is Creating a New Perspective on Servicing Automation

The mortgage industry, financial services, and FinTech arenas have all received a boost from technology during struggles to provide relief under COVID-19. Whether it be a result of the immediacy and severity of borrower needs, the scale and velocity of transactional requests, or depth of data and digitization capabilities being sought, the pandemic environment has pushed corporations to reevaluate technical innovation from every direction. As this erratic year comes to a close, it creates a very real opportunity to reinvent how you do business by maximizing the progress you’ve already made. Now you can learn how to tap into automation that can free up your organization permanently.

The Individual Borrower Experience

No matter how close we get to creating the perfect manufacturing line for default servicing processes, we all know that the number of borrower scenarios that don’t fit in the box hasn’t really decreased. It is a bit like a game of Whack-A-Mole, where the moment we address one new development, another one arises. What we’ve hopefully learned from this experience is that our systems must be flexible from the point of initial access through workout resolution and follow up. Despite a borrower’s growing want for technically savvy experiences, they also still wish to feel as if they are your only customer. This can put tremendous pressure on your existing processes as a distressed borrower’s sense of urgency, coupled with temporary and evolving relief requirements, makes this situation even more delicate. However, with sophisticated process automation that can decipher and deliver based on unique borrower profiles, mortgage servicers are able to migrate away from antiquated operational approaches and simultaneously improve the overall personal borrower experience.

Intuitive, Interactive, Self-Serve Access

Like all customers, today’s borrowers are becoming exponentially more reliant on technology and their expectations follow suit. This means they not only want you to customize their experience, but they expect to be able to have questions answered, access workout options, and act on these alternatives 24/7. How has your organization been managing to this? Are you meeting your borrowers’ needs? Tapping into this demand requires innovative capabilities that do not stop at FAQs or simply ingesting data. You need a default servicing application that is capable of processing the underlying data in order to develop various scenarios and outcomes. Additionally, borrowers want the option to select from these outcomes, automatically provide corresponding documentation, and access product decisioning that allows them to understand, manage, and fulfill the relief option of their choice. The desire for this level of functionality is indicative of a paradigm shift in borrower engagement that is becoming more of the norm amidst the pandemic. It requires workflow automation that is both intuitive and interactive, as well as flexible enough to accommodate ongoing changes in state and federal regulation, investor requirements, and your proprietary practices.

Proven Automation

Meeting the automation challenge may seem overwhelming, but again you already have the building blocks. You just need to know where to start and how to leverage the momentum built up in your organization under the pandemic.

1. Focus on digitizing your operation with proven automation capable of incorporating data into logic in a workflow environment.
2. Begin with an application framework that supports self-serve borrower interactions as well as automated workflow.
3. Map underlying operational processes into intelligent workflow that also houses sophisticated rules management and decisioning.
4. Implement using a release friendly agile methodology that is rapid, responsive, smart, and minimizes the need for IT intervention.
   

This approach may seem allusive as most mortgage servicers are just coming up for air after an unprecedented year of servicing relief challenges. However, there is a current moment in time where your staff has learned to work from home effectively, the next forbearance roll off wave has not hit (yet), and unemployment, although high, is relatively stabilized. Capture this eye of the pandemic storm by embracing COVID-19 lessons learned and tapping into servicing automation with CLARIFIRE®.

CLARIFIRE® offers mortgage servicers a proven, easy to implement means for modernizing default servicing operations. Ready to implement into your existing systems, adding complex, scalable process automation that is already designed to manage today’s borrower expectations, CLARIFIRE® can help you achieve technical innovation that is both cutting-edge and cost-effective. If you’re ready to revisit the benefits of servicing automation and leverage the stamina your organization has cultivated during the pandemic, then reach out to us directly at 866.222.3370 or visit us at eClarifire.com.

Let us show you how to future-proof your organization with CLARIFIRE.

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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