Varolii Corporation, the market and technology leader in multi-channel, mass personalized communications (interactive business-to-consumer text, voice and email communications), today announced a new solution to help mortgage servicers manage new Single Point of Contact (SPOC) regulatory requirements going into effect this fall.
These regulations require a single “relationship manager” for each borrower who qualifies for the Home Affordable Modification Program (HAMP). Lenders face a daunting task of complying with the new requirements using customer communication systems that are not designed to facilitate one-to-one communications.
To solve for these new regulations, Varolii has developed a solution that helps eliminate a significant proportion of these incremental costs. Servicers get economical, yet highly personalized outreach that routes communications to the right agent, is context sensitive, and incorporates borrower communication preferences for effective, seamless interactions between the relationship manager and the borrower. Based on proven technology already deployed by 5 of the top 10 mortgage servicers and 2 of the top 3 U.S. retail banks, the new Software-as-a-Service (SaaS) Varolii SPOC Mortgage Servicing Solution helps mortgage companies to:
- Reduce new staff requirements by 15 percent and increase borrower contact success by 17 percent by automating much of the outbound communications.
- Deploy targeted, personalized customer care and account management tools to meet SPOC criteria.
- Meet compliance requirements by easily capturing the history of all customer interactions for reporting and auditing.
“Servicers face a Herculean task of complying with the new regulations. To accommodate the personalized, one-to-one dialog, we estimate that servicers will need five to ten times the support staff used to communicate with borrowers. This could cost mortgage servicers more than $7 billion over the next five years due to extra staffing and technology costs,” said Dave McCann, CEO at Varolii. “We believe Varolii’s solution could save these companies about $100 million per year. And, consumers still get the interaction they need to navigate the loan modification process with personalized, one-to-one communications from Varolii on behalf of their relationship managers.”
Under the new regulations, servicers are required to make a significant portion of outbound calls to provide the borrower with status updates or request documentation. These calls do not necessarily require a conversation with a representative. Varolii interactive communications can provide the borrower with the necessary information while their relationship managers can focus on inbound calls from borrowers, either taking calls directly from borrowers or transfers from a Varolii outbound contact for borrowers who want further assistance. The Varolii SPOC Mortgage Servicing Solution reduces, even eliminates, the need for borrower and servicer representatives to communicate through a frustrating series of voice mail messages. Specific Varolii features include:
- Pre-Defined Messages – Over twenty pre-scripted messages for each stage in the foreclosure prevention timeline, such as introduction calls, updates on document status and property inspection orders.
- Self-Service Options – Allows customers to self-serve during many of the routine calls versus talking to a live agent each time.
- Real-Time Updates – If a borrower requests a transfer when their SPOC is engaged on another call, Varolii informs the borrower that their relationship manager is temporarily unavailable and offers them the opportunity to continue to hold or to request a call back.
- Call-Back Option – Initiates a return call to the borrower as soon as their relationship manager is available.
- Detailed Reporting – Access to more than 40 tools and reports allows companies to quickly deliver compliance audits and see the results of each customer interaction.
Varolii enables more than 400 organizations to reach consumers or employees in a smart, personalized and cost effective way with its award-winning Varolii Interact platform. Varolii Interact has delivered more than five billion notifications on behalf of companies in a variety of industries, with more than two million delivered every day. Varolii works with leading Fortune 1000 companies, including two of the three largest U.S. banks, five of the top 10 airlines, 30 of the largest U.S. utilities and five of the 10 largest health plans.
For more information, please visit http://www.varolii.com/spoc. Varolii is also hosting a free webinar about Single Point of Contact requirements and how to address on Tuesday, July 26, 2011. To attend, please register here: https://www.varolii.com/en/go/2011/towerspocwebinar.aspx?v=1.
Varolii is the market and technology leader in intelligent, personalized interactive communications. Its cloud-based communication solutions help organizations easily and effectively reach and interact with large numbers of consumers and employees, reducing operational costs, improving business continuity and enhancing customer service. Varolii provides the industry’s only cross-channel communications technology, which blends voice, mobile and email channels to drive profitable action. At the heart of the platform is Varolii ID™, which automatically analyzes each recipient’s past responses to personalize future communications. With Varolii, organizations can execute true 1-to-1 communication on a large scale, achieving better results from fewer interactions. More than 400 companies trust Varolii to send over four million communications every business day.