One Servicer’s Challenge
Loan servicers face the daunting task of meeting their responsibilities to borrowers, shareholders, and to the government entities that build guidelines and requirements for the industry. As the backlog of delinquent loans grew and the risk of loss severity increased, one servicer was also faced with government regulation that required face to face borrower outreach to facilitate the loan modification process.
The servicer faced tough choices:
- Hire nearly 2,000 people to engage in face to face borrower outreach and back office loan modification processes; OR
- Outsource services to a compliant vendor who could provide a cost effective, end-to-end solution.
The Solution
The servicer chose NCCI. NCCI utilized a combined effort between a professional network of field representatives and internal loss mitigation staff to create a highly successful loss mitigation program.
NCCI provided a customized solution which met the lender’s requirements and included the following valuable cost saving services:
- 3 attempts at face-to-face borrower contact
- In home modification counseling service
- Appointment setting and signature services
- Handling all inbound/outbound call center operations
- Complete mail services and package handling in house and from the field
- Skip tracing when necessary
- Quality control on all modification packages
Results by the Numbers
In Six Months NCCI:
- Processed over 130,000 files of no-contact borrowers
- Made over 85,000 right party contacts
- Delivered nearly 23,000 modification packages to the servicer
- Helped resolve nearly $1.1 BILLION in potential loan losses
