Constant, a financial technology lender, today announced the critical new addition of the Constant+ Mortgage module along with loan workout add-ons for short sale and deed-in-lieu of foreclosure to its AI-powered software platform.
According to the Mortgage Bankers Association, more than 3.8 million homeowners in America are now in forbearance, representing 7.5 percent of all mortgages. Constant+ Mortgage will help ease the enormous strain on lenders and borrowers by providing a self-service platform to process payment relief requests more quickly, more accurately, and without human intervention.
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The new module evaluates a borrower’s hardship and offers appropriate relief, including forbearance, a repayment plan, or a loan modification with greater precision, and without waiting weeks to manually process. Alternative, automated options that allow the borrower to recover quickly include the short sale and deed-in-lieu add-ons. Overall, the module integrates with most servicing and collections platforms, seamlessly.
The COVID-19 crisis has unfolded as a global disaster unlike the 2008 financial crisis. This has resulted in the processing of payment relief plans without proof of hardship or information about how to sustain payments at the expiration. The rolling tsunami of phone calls that will occur as forbearance expires will require trained, knowledgeable staff. New staffing campaigns with minimal training and a reliance on 2008 playbooks will not be an adequate response. Accessing employee pools may be challenging due to state mandates and above average unemployment benefits.
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