BOK Mortgage Reduces Delinquencies with Varolii
As mortgage foreclosures mount in the wake of the subprime collapse, interactive communications specialist Varolii Corp. here said that BOK Mortgage, a division of multibank holding company BOK Financial, is using the Varolii interactive collections solution to reduce delinquencies.
Since adding Varolii to its mortgage collections process, BOK Mortgage reports a 12% reduction in its mortgage delinquency ratio, countering the industry trend toward mounting delinquencies. Varolii cited data compiled by Equifax and analyzed by Moody's Economy.com showing that in the first quarter of 2007 mortgage delinquency rates rose to 2.87%, surpassing the worst levels following the 2001 recession.
BOK leverages the Varolii platform to automate much of the communications process around early stage delinquencies, enabling the company to focus its contact center resources on more complex, high-priority accounts. After receiving one of Varolii's automated interactions, BOK's customers can now completely treat their delinquencies by transferring into BOK's system at the point of making a payment, or select an option to immediately connect to a loan counselor to gather additional information.
"Before switching to Varolii, our loan counselors were tied to an auto dialer," said Kenda Ewing, vice president of default for BOK Mortgage. "It's also making the process easier for our customers, as Varolii allows them to pay any time, not just during regular working hours."
Varolii said talking to a real person about a delinquency can be a very embarrassing call and a charged call, noting that when people are talking to a machine, they tend to stay online longer, listen to their options and make better decisions. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com/