With 50% of all U.S. mortgage lenders ordered to offer forbearance flexibility, banks and lenders must quickly adapt.
With the unemployment rate in May at the highest level since the Great Depression, close to 4.7 million mortgages are now in forbearance, representing 8.8% of all home loans according to Black Knight. Under the CARES Act, anyone experiencing financial hardship and having trouble paying a mortgage has the right to ask for a forbearance of up to 180 days. If additional relief is needed, they are entitled to a 180-day extension. While this provides opportunity for homeowners, lenders are experiencing new stressors, requiring innovative and rapid solutions. With 50% of all mortgages ordered to offer flexibility, the industry must quickly adapt.
The Solution: Mortgage Forbearance Application Processing in Minutes
Blue Prism, in partnership with Lateetud helps banks and lenders quickly assist customers experiencing financial hardship and in need of mortgage forbearance. Together, we automate the entire end-to-end process, from receiving a request and confirming qualification to executing forbearance and engaging the customer in post forbearance activity—all while adhering to bank policies and federal guidelines.
Delivering an award-winning experience with an intuitive web portal and seamless IVR
Customers seeking forbearance call or visit the lender’s website that services their mortgage. They’re met with a seamless process that allows them to get the information they need quickly and easily. And service providers benefit by reducing demand on resources, while continuing to deliver stand-out experiences their customers deserve.
Mortgage Forbearance Application Workflow
✓ Build & deploy quickly and easily, improving outcomes and quality of service
✓ Deliver an intuitive, seamless experience through web portal, chatbot or call center IVR
✓ Capture key customer contact information
✓ Reduce service costs, eliminate strain on resources and better serve customers
✓ Maintain strict compliance with federal guidelines and bank policies
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