PORTLAND, Maine, April 14, 2020 /PRNewswire/ -- Constant, a Maine-based financial technology company, has launched an AI-powered software platform for banks and non-bank consumer lenders that provides faster and more accurate decisions about payment deferrals, loan modifications and other workouts. The solution significantly reduces massive incoming call volume and long wait times caused by COVID-19 financial hardships.
"Over ten million Americans have filed for unemployment against the backdrop of $16 trillion of consumer debt. In response to lost wages, bank and non-bank lenders have directed borrowers to call for payment relief options. With mortgage forbearance requests alone increasing by nearly 2,000 percent, the COVID-19 crisis has shone a spotlight on the lack of preparedness to support hardship relief requests," said Catherine Powers, CEO of Constant.
Constant's platform evaluates a borrower's real-time financial situation and provides repayment options and, when appropriate, loan modifications in a matter of minutes, without human intervention.
"Whether a lender or servicer is offering to skip payments or a more complex hardship solution, that effort can take weeks or months with the high volume of incoming requests for help," added Powers. "However, our platform can do it in minutes by engaging with the borrower, evaluating real-time, customer-specific information and automatically creating relief options that solve the problem and encourage payment performance - all within investor parameters."
"During the 2008/09 mortgage crisis, loss mitigation requests aged in queues for months," said Carissa Robb, President and COO of Constant. "Credit scores were damaged, customers were feeling defeated and their willingness to pay was lost. Yet, it appears there was little preparation for the next crisis. Instead technology investment and innovation focused on increasing credit origination volume, only to transfer the long-term management of these loans to manual servicing teams and antiquated operating systems. Constant is changing this."
For further information on Constant and its offerings, visit constant.ai.
Notes to Editors:
For further information on Constant and its hardship relief solutions or to speak to Constant principal(s), please contact Mary Beltrante at [email protected] or (207) 807-0212.
Constant offers its AI-powered software platform to financial service providers and third party vendors to accelerate hardship relief support, applying decision based logic and API-driven analytics to replace manual processes. The company built the platform for the loans it originated to mitigate losses and avoid the high costs of distressed loan servicing during a recession. When the COVID-19 crisis accelerated consumer financial stress, Constant's team made immediate system adjustments to offer the technology to other lenders and servicers.
About Catherine Powers
Catherine serves as the CEO of Constant. Prior to launching the hardship software platform, she led Constant's loan origination business. Catherine previously served in senior management roles with SunEdison, Inc. including head of global acquisitions in the investment banking division. In a prior role at SunEdison, Catherine developed new markets in the Caribbean and Latin America. She began her career as a public affairs executive focused on energy, tax and IP matters.
About Carissa Robb
Carissa serves as President and COO of Constant. She most recently served as Senior Vice President and Head of US Loan Servicing for TD Bank, overseeing operational units responsible for servicing a $150 billion dollar portfolio of Consumer, Residential and Commercial accounts. She joined TD Bank in 2009 to develop the Loss Mitigation program for distressed Real Estate and built the governance and control framework for TD Bank's Loan Servicing and Collections division.