""Varolii Corporation"":http://www.varolii.com/ announced a new product to alleviate costs and streamline new processes servicers will have to adopt under the Single Point of Contact regulation requirements for all HAMP modifications.
[IMAGE]Varolii estimates its product will reduce servicer staffing requirements by 15 percent, while increasing borrower contact by 17 percent.
The Varolii SPOC Mortgage Servicing Solution routes calls to the appropriate agents and incorporates borrowers' communication preferences.
All customer reactions are recorded so they can be referred to throughout the modification process.
[COLUMN_BREAK]Automating many of the required outbound calls leaves relationship managers free to accommodate incoming calls.
However, a borrower receiving automated calls can opt to speak to his or her relationship manager if he or she has questions after the automated message.
""Servicers face a Herculean task of complying with the new regulations,"" said Dave McCann, CEO at Varolii, based in Seattle, Washington.
""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,"" McCann said.
""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,"" he added.
Varolii's technology is already in use at five of the 10 top mortgage servicers in the country and two of the three top retail banks.