Aspen Grove Solutions has announced the launch of its Homeowner Forbearance Module in response to the Coronavirus Aid, Relief, and Economic Security (CARES) Act. According to Aspen, this provides mortgage servicers with a simple, turnkey solution to deliver scalable forbearance processing, complete with borrower interaction, configuration, and compliance reporting.
The CARES Act came into law recently in the United States. Due to this, 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. The Homeowner Forbearance Module helps take the strain off call centers by directing borrowers to complete their application online, then by tracking that application through the process.
Aspen uses a white-labeled plug and play widget with customizable forms to gather, process, and track applications directly 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 back-end 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," Aspen Grove said in a statement. "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."
"If this crisis has taught us anything, it is that businesses 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," Aspen Grove adds.