Counseling Portal Aids Lenders in a Pinch
Portal Used by Credit Counseling Agencies Speeds Up Workouts. It Provides Relief to Overworked Servicing Teams at Wells Fargo, Bank of America and Chase.
 |
Download a PDF of this US Banker article (PDF 1.1MB) or learn more about CSC’s Early Resolution Counseling Portal. |
A software tool brings faster relief to troubled borrowers. It's being used by overburdened banks to shift loan workout process to nonprofit consumer credit counsellors.
"The portal becomes most valuable by reducing and managing the process flow, especially for customers facing foreclosure but that have a willingness and can afford to remain in their home." Ed Delgado,Wells Fargo Bank senior VP.
Download the US Banker article (PDF 1.1MB). Learn how Wells Fargo and other mortgage originators are using the portal to cut the time it takes to complete a loan modification in half. Working through a nonprofit consumer credit counselling service, the portal is helping to connect lenders with borrowers who are ready to act, without the bank having to track them down.