Outsource Mortgage Borrower Solicitation Services
We specialize in convincing delinquent borrowers to get up-to-date with their payments or provide alternative options to overcome delinquency
Expert Mortgage Assistance has over 10 years of experience in providing top-notch borrower solicitation services to lenders and credit unions. We have a proven track record of achieving quality right party contact with delinquent borrowers for the first time as well as subsequent times and help lenders and credit unions tackle the challenges in getting payments from borrowers in a timely fashion.
Driven by an expert team of professionals, we talk about the best available options for delinquency resolution with borrowers. Our professionals have mastered the art of establishing contact and communicating effectively with borrowers. While on the one hand, we leverage their skills to help delinquent borrowers meet both short term and long-term challenges, on the other, we enable lenders meet the federal mandate of reporting “right party contact” via Electronic Default Reporting (EDR) in an accurate and timely manner.
Our meticulous borrower solicitation services quality has helped many lenders ensure that borrowers respond with the required information and documentation within 30 days from the date when the solicitation was sent. Our consistency in ensuring this has helped us become a trusted and reliable third-party borrower solicitation company.
Our End-to-End Borrower Solicitation Services
We offer a range of borrower solicitation support services to help our clients find acceptable solutions to delinquency issues with their customers. Our services are borrower-friendly and are designed to help protect borrower credit ratings while meeting the “quality right party contact” as mandated by government regulatory authorities.
We get in touch with borrowers for the following:
- Understand reasons for stopping mortgage payments
- Evaluate the foreseeable period of delinquency i.e. short-term or long-term based on the reasons
- Determine borrower plans pertaining to property i.e. whether they have vacated the property or plan to vacate the property
- Enlightening and assisting delinquents on alternatives to foreclosure
- Modify the terms of the loan payment to provide respite to the borrower’s financial woes
- Convincing the borrower to resolve the delinquency by either opting for a delayed payment permissible under law or seeking the best available alternative for resolving non-payment
After contacting the borrower, we provide lenders with third-party support needed to prepare the Borrower Response Package.
This includes assistance for readying:
- Uniform Borrower Assistance Form
- IRS Form 4506T
- Income Documentation
- Hardship Documentation
Solicitation Letter Service
While the rules require lenders to achieve quality right party contact with at least 60 percent of their borrowers who are 120 days or more delinquent, we help lenders reach out to all their defaulters and elicit a response as early as possible. When the borrower responds, we acknowledge within 3 working days. If the response is inadequate, we get in touch with the borrower once again to inform them on the missing information or document and pursue them till we get the expected response. After 30-days of receiving the required documents, we get in touch with the borrower to explain in detail the different loss mitigation available to them to avoid a foreclosure.
Borrower Solicitation Process
We a well-defined process in place designed to deliver result-oriented borrower solicitation support.
The steps that are followed by our experts include -
After we receive the list of delinquent borrowers from the lender, we establish the quality right party contact. After initiating this we intimate Freddie Mac via EDA about having established the contact with the borrower and the co-borrower or the trusted advisor
The first attempt is followed with subsequent attempts all of which are strictly in keeping with the guideline laid down by the Freddie Mac.
In case we fail to achieve quality right party contact, we send a borrower solicitation package on behalf of the lender. The package consists a statement persuading the borrower to contact the lender; a description of the alternative options to foreclosure; Guide Form 710, and foreclosure rescue scam information
Why Outsource Borrower Solicitation Services to Us?
- Over 10 years of experience in providing third-party support for end-to-end borrower solicitation requirements
- Access to over 1000+ expert insurance professionals with decade long exposure to borrower solicitation process and procedures
- Automated processes for less critical tasks
- Strict adherence to regulatory requirements for establishing Quality Right Party Contact
- Up to 30% faster TAT with 24x7 work operations
- Up to 40% savings in costs per employee
- Complete data security and confidentiality
- Flexible pricing models
Looking for a borrower solicitation services company? Outsource borrower solicitation services to Expert Mortgage Assistance.