Wednesday, Apr. 08, 2020, 10:58 AM
Repossessions and recoveries might be slowing because of the coronavirus pandemic, but Resolvion is still enhancing its services to help auto-finance companies.
This week, the skip-tracing and repossession management company announced the availability of a new service designed to help finance companies manage the flood of deferral/modification requests and, at the same time, better manage the emerging default risk caused by the COVID-19 crisis.
Resolvion highlighted its COVID-19 Risk Manager program involves proactive outreach to a finance company’s highest risk borrowers. Once contact has been established, Resolvion can collect information that is vital for the finance company to assess and manage the current risk.
The questionnaire can be tailored to lender requirements but generally includes:
• Updated address and phone contact information
• Current status of business operations
• Location and condition of collateral
• Current use of the collateral
If desired by the finance company, Resolvion also can advise the customer of options that the lender may make available as a result of COVID-19 disruption of the customer’s business.
In addition to the base service, Resolvion also can provide deep skip tracing, nationwide collateral verification services as well as coordinate any voluntary repossession activity that arises from the customer contact.
“One of the biggest challenges we see lenders facing in this crisis is navigating the need to support customers in need with the requirement to prudently manage portfolio risk,” Resolvion chief executive officer Michael Levison said in a news release.
“We think that the COVID19 Risk Manager program provides a powerful set of tools to lenders to help meet the challenge,” Levison said.
More information about the COVID-19 Risk Manager program can be found at www.resolvion.com.