Counseling Portal Aids Lenders in a Pinch
Portal Used by Credit Counseling Agencies Speeds Up Workouts — And Provides Relief to Overworked Servicing Teams at Wells Fargo, Bank of America and Chase
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Download a PDF of this US Banker article or learn more about CSC’s Early Resolution Counseling Portal. |
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An article in US Banker magazine explains how a software tool built to bring faster relief to troubled borrowers is being used by overburdened banks to shift much of the loan workout process to nonprofit consumer credit counselors.
According to Ed Delgado, a Wells Fargo Bank senior vice president and chairman of the Hope Now Alliance's technology committee, CSC's Early Resolution Counseling 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."
Download the US Banker article (PDF) and read how Wells Fargo and other leading mortgage originators including Bank of America and Chase are using the portal to cut the time it takes to complete a loan modification in half. Working through a nonprofit consumer credit counseling service, the portal is helping to connect lenders with borrowers who are ready to act, without the bank having to track them down.