Constant is a Maine-based financial technology company, has launched an AI-powered software platform for banks and non-bank consumer lenders, that provides new repayment options in minutes, not days or weeks.
The AI Solution is faster and more accurate. The solutions about payment deferrals, loan modifications and other workouts reduces massive incoming call volumes and wait times caused by COVID-19 financial hardships.
According to Catherine Powers, CEO of Constant; Over ten million Americans have filed for unemployment as against the backdrop of $16 trillion of consumer in debt. In response to lost payments, bank and non-bank lenders have directed borrowers to call for payment relief options.
With mortgage for bearance requests alone increasing by nearly 2,000 percent, the COVID-19 crisis has spread panic on the lack of preparedness to support hardship relief requests.
‘Constant’s’ platform calculates a borrower’s real-time financial situation and provides repayment options as in when would be the appropriate time to modify in a matter of minutes, without human intervention.
From providing solutions to lenders or servicers who skip payments, to more complex hardship solutions that effort can take weeks or months to find a resolution.
Constant, can do it in minutes by engaging with the borrower, calculating real-time, personalized info and automatically making relief options that solve the problem and encourage payment performance using AI and other tech all within investor parameters even with the high volume of incoming requests for help.
Carissa Robb, President and COO of Constant recollects, how during the 2008/09 mortgage crisis, loss mitigation requests, aged in queues for months and Credit scores were damaged. Customers felt defeated and their willingness to pay was lost.
She added; Yet, it appeared there was no preparation for the similar crisis.
Instead, investment and innovation based on technology focused on increasing the amount of credit origination, only to shift the long-term management of these loans to manual support teams and antiquated operating systems.
Constant offers financial service providers and third-party vendors its AI-powered software platform to accelerate hardship relief support, applying decision-based logic and API-driven analytics to replace manual processes. The business developed the platform for the loans it originated to reduce losses during a recession and to escape the high costs of distressed loan servicing. As the COVID-19 crisis hastened consumer financial stress, Constant’s team made rapid program changes to give both lenders and service providers the technology.
For more information browse http://www.constant.ai
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