Fannie Mae started a training program today aimed at creating better interaction between servicers and distressed homeowners during the default foreclosure process.
Know Your Options Customer Care is a customer engagement strategy and training program for servicers in order to prevent foreclosures by developing consultative relationships with struggling homeowners.
Through the program, Fannie Mae personnel will conduct trainings for servicers’ call center employees; provide scripting for interactions with homeowners; and help implement ongoing quality controlled measures.
Currently, the program is being implemented with 18 of Fannie Mae’s largest servicers, including JPMorgan Chase.
One of the key elements of Know Your Options Customer Care is that it creates a single point of contact in the call center for each customer. The government-sponsored enterprise said this ensures that rapport is built with the homeowner and regular contact is maintained through the entire loss mitigation process, therefore guaranteeing the borrower that the proper foreclosure prevention options are presented and pursued.
According to Fannie Mae, servicers that have participated in the program have typically seen a 20% to 30% increase in workouts.
“Everybody wins when we can prevent foreclosure: the servicer, Fannie Mae, and most importantly, the homeowner and their community,” said Leslie Peeler, senior vice president of the national servicing organization at Fannie Mae.
“What we’ve learned through the housing crisis is that if everybody takes the responsibility to work together and act early, then we can prevent foreclosures and keep families in their homes in many cases," Peeler continued. "We want our servicers to be trusted counselors to their customers, from attentively collecting documents to advising them of their options and guiding them through the process.”
The free training program, which is available for all servicers to utilize, can be accessed through online webinars.
