BENEFITS OF INCORPORATING POLARIS CREDIT COUNSELORS INTO LENDER SERVICES LOSS MITIGATION
1. Results – Borrowers are more receptive to communication from a “borrower advocate” approach as opposed to a “debt collector” approach, thereby enhancing the ability to reach a solution with the borrower. Additionally, as non-profit credit counselors, Polaris isn’t constrained by consumer protection rules affecting servicers and debt collectors – as mediators, we can contact borrowers during TILA quiet periods, in person, and on weekends and holidays. Successful loss mitigation results in positive results for borrowers, additional business by the client as well as referral business opportunities from the client’s colleagues.
2. Process- Unlike third party door knockers and component services, Polaris’ unique borrower advocate approach includes certain social worker attributes, at times necessary when working with the reluctant or apprehensive borrower. The typical one time effort is found to be inefficient and ineffectual. Polaris can provide a high-touch nurturing relationship to build trust between borrower and lender and hope for a better tomorrow.
3. Term - Polaris has found that while Right Party contact is usually made within the first two (2) weeks of placement, the thorough follow up and reminder(s) with the borrowers can be a longer process, hence, the 3 month term. Some files have taken over 2 months before a right party contact was achieved from diligent outreach attempts.
4. Value and Benefit – Polaris is confident that clients will be pleased with the results and the speed and efficiency with which such results are accomplished. On balance, Polaris’ fees should be regarded as economically beneficial to both servicer and its client(s).
5. Social Responsibility – by breaking down the barriers between borrower and lender, we are able to achieve out social responsibility mandate by advocating for and achieving positive resolutions for troubled borrowers.
4079 Governor Dr. #331
San Diego, CA 92122