CSC Rolls Out Workout Tracking Tool
On Wednesday afternoon, CSC (CSC) rolled out a new platform called Borrower Inquiry, an online tool homeowners facing foreclosure can use to track the status of their requests for help from their mortgage servicers; the tool also helps credit counselors track the workout process on behalf of clients, and links into CSC EarlyResolution default management platform. The idea here is to reduce inbound calls to servicers for status requests, freeing up resources to manage calls from troubled borrowers that have yet to receive help. 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 recently-introduced servicing guidelines established by the HOPE NOW consortium of lenders, investors and servicers. With the new tool, borrowers can use a secure website 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." "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," said Kevin Schlumpf, who manages EarlyResolution at CSC. "This solution will help alleviate both issues." For more information, visit http://www.csc.com. Disclosure: No positions in CSC when story was published; indirect holdings may exist via mutual fund investments. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade.