As lenders help borrowers navigate through the COVID-19 crisis, EXL offers relief with immediate resource capacity along with AI-enabled analytics and digital solutions, allowing the focus to shift to borrower assistance and protecting liquidity positions through proper risk management.
COVID-19 has brought some unprecedented challenges and affected many industries. The lending market that was thriving with significant surge is quickly transitioning the focus away from loan origination to default management and loan modification to manage a potential financial crisis. The key driver for lenders across the board will be to help borrowers properly traverse through the challenging times while protecting their liquidity position through proper risk management.
Several real estate and mortgage industry groups have proposed an assistance program to help borrowers who may struggle financially as a result of the outbreak. Fannie Mae and Freddie Mac have also developed plans to help homeowners who are adversely impacted by this national emergency. Such assistance programs include an extended grace period, the forgiveness of late payment charges, forbearance of foreclosure sales or evictions.
This dynamic environment has created a unique set of challenges for the lending and loan servicing organizations while complying with regulatory requirements, such as:
- Lenders are experiencing significant call volume from borrowers who are asking for help
- Urgent need to divert operational focus towards
- Borrower communication
- Default management
- Loan modifications