FlexCollect® Mod: Mastering the Unique Challenges of High Risk Pre-delinquency
FlexCollect Mod delivers a complete managed service solution designed to address the segmentation, communication, offer and program management, negotiation, settlement, workflow, and regulatory hurdles required to successfully take advantage of the loan modification opportunity.
The end result is decisioning-based dialogue and comprehensive workflow management tailored to the needs of pre-delinquent debtors, which results in a much higher rate of modification pull-through and prevents a significant number of accounts from becoming delinquent (and reserved against until they ultimately charge off). FlexCollect Mod delivers substantial cost savings in executing loan modifications and managing volume, thereby reducing risk and improving customer loyalty.
FlexMod allows lenders to:
- Deploy quickly without CapEx or changes to underlying collections systems
- Apply a comprehensive decision support tool up-front in initial borrower interactions
- Guide agents to offer the best treatment option in the first interaction
- Present 'preliminary' program solutions on a self-service web site (if desired)
- Leverage a decision engine to collect critical borrower information via all available channels and manage communication / workflow
- Improve agent productivity when communicating with at risk accounts
- Increase modification pull-through rates by automating customer reminders, capturing repeating ACH payments and better leveraging agent time
- Provide a web portal for borrowers to enter fresh information, review status and next steps, and set appointments with agents
- Implement a status monitor that manages reminders, executes escalation strategies for late payments and/or documents, and identifies contact review points
FlexCollect Mod utilizes the core FlexCollect services including FlexStationSM, FlexSiteSM, FlexCenterSM, FlexConnectSM and FlexPortSM.
