New Solution Automates Loan Modifications and other Workout Options End-to-End
SolomonEdwards and Constant announced a cooperative agreement to offer their TotalMod solution, developed to help financial institutions manage the imminent spike expected in loss mitigation activity following the expiration of extensions and forbearances.
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- Constant’s AI-powered, self-service software that automates loan modifications end-to-end and other workout solutions for consumer, mortgage, and student loans, and
- SolomonEdwards’ best-in-class implementation, change management, and risk and compliance services.
The TotalMod solution is intended to help financial organizations mitigate the need for large staffing campaigns and reliance on inundated phone channels that challenge servicers’ ability to comply with consumer protection laws and shifting regulatory requirements related to financial reprieve.
“We’re excited about the potential of Constant’s platform to help digitally savvy borrowers secure a loan modification or other loss mitigation options in minutes. In addition to automating mortgage workout options, this groundbreaking platform introduces mortgage-style loan modifications to the consumer space where post-extension and deferral options are limited,” says Candace Caley, Managing Partner at SolomonEdwards. “We are confident that TotalMod will help us deliver an exceptional client experience and enhance our competitiveness, while continuing to address our clients’ evolving needs today and into the future.”
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“SolomonEdwards’ expertise on managing the changing regulatory environment, coupled with superior banking and mortgage expertise and customized solutions, makes them an ideal partner as we approach a wide variety of financial organizations,” says Catherine Powers, CEO at Constant. “Together, we can help clients stand up an automated loss mitigation solution quickly and provide compliance support, response, and remediation as anticipated enforcement and supervisory actions are expected to increase.”
