In a time of great change, you need loan servicing software that thrives in change...
When people lose their income, they lose the ability to repay their debts. With all the layoffs and everyone earning less money, there really is no recourse for lenders but to allow periods of forbearance, deferral, and modification. Your loan servicing software needs to be able to allow for rapid review and modification of your loans.
Increasingly greater measures are being enacted to help slow the spread of the virus, and that has an immediate effect on the liquidity of any collateral on a loan. You can’t foreclose and sell a house if there’s no way for someone to buy it. Repossessing a car and selling it will be very hard if non-essential services are shut down and people that might have been buyers are also feeling serious financial hardship. You can’t take the appliances from someone’s home amidst the outbreak without a variety of risk.
At this point, we’re all addressing the fact that the economic situation has changed beyond anyone’s ability to control it. Our existing loan terms simply don’t mesh with the reality we’re seeing. The contracts must be amended, the terms of repayment adjusted. The nature of these adjustments is still entirely fluid. The full impact of the virus likely still lies ahead.
In times of great transition, you want to know that your loan servicing software is backed by a company that constantly improves and expands capabilities. You want to know that answers to your questions are just an email of a phone call away. Moneylender Professional – loan servicing software that is always growing, backed by Whitman Technological – committed to strong customer support and rapid response to the changes in our industry.