SunTrust Mortgage's deployment of automated communications tools from Seattle-based Varolii Corp. has helped cut first-payment defaults by more than 60%, the servicer reports.
By using Varolii to deliver routine requests for borrower information, proactively contact SunTrust customers before they call into the contact center and enable customers to self-serve, SunTrust says it has reduced its number of inbound calls and shaved more than a day off its overall loss mitigation timeline.
In 2008, SunTrust implemented an automated welcome call using Varolii to reduce first-payment defaults. SunTrust calls each borrower a few days before the first payment is due, giving them multiple payment
options. In a year-over-year comparison, the number of SunTrust customers defaulting on their first payment dropped by more than 60%.
SunTrust also began using Varolii in its loss mitigation communication efforts to proactively contact borrowers in the modification process and provide a greater number of automated personalized updates. Doing so freed up SunTrust agents to focus on more complex loan resolution tasks, cut the servicer's overall loss mitigation timeline by one to two days and reduced the number of inbound calls to its contact center, saving SunTrust the $8 to $25 it would normally cost to complete each call, the company explains.