Streamlining Mortgage Forbearance Communications

Streamlining Mortgage Forbearance Communications

Today, over 6% of all mortgages are in forbearance. That’s up from only 0.25% at the beginning of March.12 An astronomical increase such as this has the potential to lead to astronomical problems, such as potentially devastating consequences for borrowers who don’t fully understand their forbearance repayment options. On the servicer side, it can lead to massive increases in call volumes. Fortunately, there’s a way to effectively manage the strain on both parties in a simple, seamless, cost-effective way. How? By following in the footsteps of leading mortgage servicers who have already begun mitigating these concerns through data-driven interactive video.

You might be thinking, “Why would I create videos at a time like this? I’m so busy as is!” Well, internal monologue, I’m glad you asked!

To answer that question, let’s do a little role-play and put yourself in the shoes of your borrowers.

Idomoo - Streamlining Mortgage Forbearance Communications

‐‐Setting the stage‐‐

When you were looking for a loan you went through a mortgage broker, who gave your information to lenders, one of whom extended said loan. Once your loan was approved, it was transferred to a servicer, who funneled your payments to the lender or GSE.

Your mortgage was getting paid off, your servicer was making money, the lender or GSE was getting their loan recouped. Everyone was happy.

But wait! Chaos ahead!

Enter stage left: COVID-19.

Businesses are closed! Paychecks have stopped coming in!
“How will I make my mortgage payments?!” you ask.

Enter stage right: The CARES Act.

Ah, sweet financial relief – you contacted your mortgage servicer to request forbearance. Now you have up to 180 days where you don’t have to make your mortgage payments!

Fast forward a few months – your forbearance period is about to end. Your mortgage servicer contacts you to let you know your payments are coming due. You start to panic! How are you possibly going to pay back all of that money in one lump sum?!

‐‐End Scene‐‐

Over 25% of borrowers are abandoning their calls

Okay, role-play time over – you know where this is going. It ends with your borrowers freaking out, and your phones ringing off the hook.

Most people have never been in this situation before, and they don’t know what their options are. So not only are they anxious, but they’re getting mad because they’re waiting on hold trying to get in touch with someone who can help them. Hold time has increased from under 2 minutes to over 17 minutes for borrowers trying to get in touch with their loan servicers – and unsurprisingly, over 25% of borrowers are abandoning their calls.1 It’s a miserable scenario for everyone involved.

That’s why Idomoo created an Interactive Mortgage Relief Video Template that can be personalised for each borrower. It’s an effective way to communicate complex data with empathy – and taking the time to set this up now means you can get ahead of the chaos before it has a chance to start.

Our interactive Personalised Video template can be customised with your branding and is fast and easy to deploy; you can be ready to go in as little as two weeks. It allows you to present borrowers with forbearance repayment options in a way that is friendly and reassuring, reducing stress for your customers and strain on your phone lines.

The template can be adapted to cover any combination of repayment options available to the borrower, including lump sum payment, repayment plans, extended forbearance period, loan modification, FHA loans, and payment deferral.

Once you’ve sent a personalised video to your customers, they’re able to re-watch the video as many times as they want so they can access the information they need at any time; we’ll track this, so you can see specifically what each borrower is looking at and provide them with additional useful information.
Videos can also be updated with new messaging to fit the latest regulatory and economic changes. Just shoot your borrowers an email letting them know to check their video for more details, and we’ll handle the rest.

Things are complicated right now, but that doesn’t mean mortgages have to be. Idomoo is committed to helping borrowers understand their options, reducing the impact of COVID-19 on their wallets – and on your customer support.

To learn how you can get mortgage relief video out to your borrowers in as little as two weeks, contact us today!

Explore More Content

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Explore More Content

Subscribe to Our Newsletter

Email * Enter Email

Related Articles

6 Ways Your Brand Can Benefit From Hyper-Personalisation

6 Ways Your Brand Can Benefit From Hyper-Personalisation

From being touted as the “next big thing in business” to the “future of customer experience”, hyper-personalization is quickly becoming a must-know strategy for brands looking to elevate their CX and marketing efforts. But why is it such a big deal? Simply put, customer expectations have risen. Generic marketing messages no longer cut it, with consumers wanting interactions that are relevant, timely and address their specific needs. Hyper-personalization offers brands a way to do exactly that. Leveraging advanced data analytics, automation, artificial intelligence and machine learning, hyper-personalization takes traditional personalization up a notch to deliver individualized experiences to each customer. This strategy helps businesses stand out by delivering the right message at the right time through the right channel. Those who embrace hyper-personalization strategies can expect all kinds of advantages. From boosting customer engagement to strengthening loyalty, here are 6 benefits of hyper-personalization. 1. Enhanced Customer Experience The first and

Read More
Why Loyalty Programmes Need To Be Personalised

Why Loyalty Programmes Need To Be Personalised

These days, it’s commonplace to make a purchase at a shop, cafe or online store and get asked to join its loyalty program. Many times, these programs are enticing. Getting perks for simply continuing your spending habits seems like a no-brainer and is probably why U.S. consumers hold more than 3.8 billion memberships in these kinds of programs. At the same time, companies are more than well-aware of all the benefits they get from implementing loyalty programs. After all, what’s better than having customers that wholly trust and recommend your brand? And this is true beyond retail. Think of hotel loyalty programs or rewards credit cards.

Read More
How 7 Brands Use Hyper-Personalisation To Engage Customers

7 Hyper-Personalisation Examples From Brands Who Got It Right

Your inbox dings. “Happy birthday,” your dentist says. But before you can even react, here’s another alert. Chewy’s got a treat for Bark Ruffalo, your goldendoodle. Another day, another marketing strategy. It’s one more email with your name slapped in the greeting, and it’s fast losing its shine. It’s no surprise to see your name (or your dog’s) in an email anymore. It’s not personalized enough to take up real estate in our brains. Enter companies using hyper-personalization strategy to engage customers. The goal of hyper-personalization is for your customers to feel that your brand knows them just like a person would know them. First, let’s define this buzzword — hyper-personalization. Then, we’ll check out 7 stellar examples of hyper-personalization used by bold companies open to experimenting with it. What is Hyper-Personalization? Consider hyper-personalization your favorite barista. They’ve memorized your name (and its correct spelling). They also know your exact

Read More

Request a Call

Leave your details below, and we’ll be in touch to show you what Personalised and Interactive Video can do for you.