I attended the Experian Credit Trend webinar yesterday (see detailed presentation below) and there were various economic and credit factors that stood out to me. Several of these included:
Page 8: Only 1/3rd of the jobs have come back since the shutdown in March
Page 9: More people are saying the layoff is permanent
Page 11: Financial Services holding up the best by industry vertical
Page 21: Unemployment could still peak above 15%
Page 24: Lowest-paying jobs have suffered the greatest
Page 29: Mortgage and bankcard delinquency increased this past week
Other data revealed through the presentation and discussion yesterday is a sign for investors to ensure their servicers are prepared to manage the wave that will hit.
Questions and audits should be completed around some of the following:
1) How are calls handled and routed today? Gaps identified and how will they be routed during peak or spikes?
2) How are borrower self service options and channels working?
3) Does the servicer have a detailed customer journey map developed with all the inputs/outputs/customer feelings and touch points mapped?
4) How is the servicer applying machine learning/AI and other intelligent technology to deliver great customer experience and efficiency?
5) What and who are the outsourcing vendors/suppliers in the journey map. Are they ready and how are they integrated from a data/process/talent/systems perspective?
6) How many scenarios are thought through and documented? Clear strategies and operating plans defined and documented?
7) Data and reports around how their remote employees are managing personal information on behalf of customers. How is the productivity and quality of the work?
8) Are there subservicers or special servicers identified as back-ups ready to go? What triggers the work or release (key metrics)?
Many moving parts to plan through and in some cases take strategic actions now in order to deliver exceptional service for all the pertinent stakeholders. M. Allen and Computershare Loan Services can assist with your readiness. For additional information related to our solutions and services, please email mslonaker@mattallendevelopment.com.
