Does your loan servicer emphasize both customer needs and portfolio performance?

In today’s borrower-challenged environment, loan servicers must balance positive collections relationships with portfolio performance. Is your loan servicer on board? And are the appropriate reporting and business intelligence tools in place to support this important balance?

From deferments and payment plans to conciliatory waiving of late fees and reduction in obligations, creditors are more accepting that economic hardships beyond a customer’s control — including impacts of the pandemic and natural disasters — merit special consideration. Also on the docket are incentive plans to encourage payment within a certain timeframe, and willingness to extend payment deadlines where needed.

Loan servicers, therefore, have needed to evolve collection practices to align with creditors’ willingness to achieve a win-win with customers. In addition, federal, state, and local regulations mandating more leniency have played a major role in debt collection policy and technology changes. In some cases, loan servicers are taking the lead with their clients to help establish protocols that encourage these kinder and gentler steps and adhere to regulatory compliance — which can be complicated and tricky. The loan-servicing industry has had to pivot rapidly and correctly to address a whole host of regulations that differ from state to state.

Business intelligence and reporting tools are key

Accurate, actionable, up-to-the-minute business intelligence and reporting are integral to the success of Concord’s efforts to maximize portfolio performance while maintaining healthy and positive collections relationships. State-of-the-art systems enable immediate communication with clients about how teams are performing. User-friendly, easy-to-read visualizations through a business intelligence tool integrated into the contact center phone system enable robust performance assessments now—and set the course for future enhancements.

Reporting and business intelligence system features include:

• Comprehensive workflow management solutions to organize billing and collection among multiple portfolios with varying timing and payment features
• Maintaining visibility into portfolio performance with auto-generated and on-demand reports via Interlink
• Real-time collections status, balance information and collector statistics dashboard with ability to report historical data
• Incorporation of applicable licensing and consumer protection regulations into effective digital communications channels to maximize reach, responsiveness, and reliability