The Coronavirus Aid, Relief, and Economic Security (CARES) Act that came into law last week and the mortgage industry’s efforts to support homeowners impacted by the devastating effects of Covid-19 will produce a tsunami of forbearance applications for Banks and Mortgage Servicers.
In response, Aspen Grove Solutions, a long-standing supplier of technology solutions to the mortgage industry, has announced the launch of its Homeowner Forbearance Module. This provides mortgage servicers with a simple, turnkey solution to deliver scalable forbearance processing, complete with borrower interaction, configuration, and compliance reporting. It takes the strain off call centers by directing borrowers to complete their application online and then tracks that application through the process.
Aspen uses a white-labeled plug & play widget with customizable forms to gather, process, and track applications direct from the Bank/Servicer’s website. Back-office or call-center staff can manage all applications through a central portal, which has full workflow and approvals built in. Every transaction is logged with real-time status updates, reporting, and auditability, supporting rapid reimbursement and decisioning. The solution offers the optional benefit of integration to the customer’s backend data systems for enhanced efficiency and reporting.
At this critical time for the industry, Aspen wants to show its support for efforts to mitigate the ripple effect of Covid-19 on homeowners, while limiting the administrative strain on Banks and Servicers. Following its earlier announcement that it was removing subscription fees on its compliance portal to support vendors, Aspen is offering free implementation of the Homeowner Forbearance Module to Banks and Servicers.
Finally, if this crisis has taught us anything, it is that businesses will need to operate differently in the future. This module helps Banks and Servicers establish a trusted online digital relationship that could form the model for future interactions with borrowers
Interested parties should contact sales@aspengrovesolutions.com and our team will work with your team to have you up and running in a matter of days.
About Aspen Grove Solutions
Aspen has been providing technology solutions to the mortgage industry since 1997. Its property servicing platform is used to manage business processes across the entire asset continuum. The platform provides a central location for managing everything related to the asset, simplifies integrations across the supply chain, and provides key business dashboards and insights to drive decisions and automate business processes. Aspen also operates Aspen iRecord – a portal that enables professionals, contractors, regional and national businesses to manage their compliance to Industry Standards.
