CSC Introduces Web Service to Expedite Help to Homeowners Facing Foreclosure
CSC Responds to New HOPE NOW Servicer Guidelines with Borrower Inquiry Tool
FALLS CHURCH, Va.- CSC (NYSE: CSC) today introduced Borrower Inquiry, a tool homeowners facing foreclosure can use to track the status of their requests for help from their mortgage servicers. This capability also will help expedite workout requests by substantially reducing inbound calls to servicers and thus freeing resources.
CSC’s Borrower Inquiry is the first of several planned shared default management tools the company is designing to facilitate workouts and improve loss mitigation process efficiency. The inquiry tool, which can be used by any servicer, not just those using CSC’s EarlyResolution default management software, informs borrowers of progress in accordance with new guidelines. These guidelines, called HOPE NOW Servicer Guidelines, were released in June by a federally encouraged industry alliance to expedite the process of preventing foreclosures.
With the new tool, borrowers can use a secure Web site to access updates from mortgage servicers on the status of their workouts. Credit counselors who are using CSC’s EarlyResolution Counseling Portal can also track workout status from the servicer.
“Borrowers at risk of losing their homes to foreclosure are understandably in a stressful position and eager to seek a potential workout that could resolve the delinquency,” said Ed Delgado, Wells Fargo Home Mortgage senior vice president and
HOPE NOW Alliance Technology Committee chair. “We are focused on developing innovations to expedite the process and facilitate communication between customers and loan servicers. We believe that CSC’s new tool has the potential to reduce the inbound call volume regarding workout status by as much as 30 percent. This is critical in freeing staff to focus on the larger picture of preventing foreclosures.”
“This Web-accessible inquiry capability is a natural follow-on to our recently launched EarlyResolution Counseling Portal,” said Kevin Schlumpf, managing director of the EarlyResolution practice within CSC’s Financial Services Sector. “Servicers are struggling to keep pace with increasing loss mitigation volume and the accompanying increase of inbound calls from borrowers inquiring about their delinquency resolution status. This solution will help alleviate both issues.”
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