Prepare your homeowners before the unexpected becomes a reality.
Most homeowners likely know to have a first aid kit and emergency food stocked in their pantry in case of a natural disaster. However, they may not know or think of the importance in having a plan regarding their home finances, especially in cases where the disaster event is prolonged and / or impacts their income.
Review and update payment and account information regularly
Although homeowners impacted by a natural disaster may be eligible for loss mitigation programs and/or mortgage assistance funds, having a plan in place to maintain payments during a disaster period offers some peace of mind while the application and approvals process gets underway following a qualifying event. Auto-draft (aka automatic payments) is a great way to take uncertainty out of the equation and ensure your homeowners stay current on their mortgage loans.
It is also important that homeowners regularly update their account information so that they can be reached in the event of an emergency or natural disaster. This may look like updating their auto-draft payment method, phone numbers and mailing addresses, name changes, and / or email addresses. Encourage your homeowners to review their account at throughout the year and after major life events.
Documents to have on hand
If your homeowners are experiencing the impact of a natural disaster, there are certain documents they’ll need to have on hand or have quick access to in order to swiftly get back on track. In addition to personal information (documents like drivers’ licenses, social security cards, birth and medical records, etc.) homeowners should make sure they’ll have access to their:
- Mortgage loan number
- Insurance provider
- Insurance policy number
- Copies of insurance policies for each type of coverage (flood, hazard, earthquake, etc.)
Encourage homeowners to sign up for eStatements
It is important that homeowners continue to be able to receive their mortgage statements, even if mail is unable to be received at their property. Encouraging them to sign up for eStatements means they’ll always have access to their mortgage information, regardless of their location.
How a mortgage subservicer can help support your homeowners experiencing a natural disaster
Mortgage subservicers like LoanCare offer clients, and their homeowners, stability and consistency during natural disasters. Licensed in all 50 states and US territories – and with employees spanning locations, time zones, and languages – LoanCare has help available no matter when or where an event occurs. With over 40 years in the industry, our team has the knowledge and experience to navigate through any type of natural disaster and lead our homeowners to a positive resolution.
LoanCare Analytics™, our proprietary data analytics tool, allows our teams and clients alike to quickly identify populations within a portfolio that are in the path of a predicted natural disaster such as a hurricane. Homeowners affected when an emergency occurs may miss their monthly mortgage payment, and knowing ahead of time who is at risk is the first step. From there it is possible to use this information to proactively reach out with support options, staff the Contact Center accordingly in anticipation of increased homeowner interactions, and follow up to effected zip codes to inform homeowners about their options for forbearance and homeowner assistance through the Federal Emergency Management Agency (FEMA).
Additionally, account-based marketing options are available to clients wishing to personalize the homeowner journey with white labeled email and letter campaigns tailored to their homeowners’ experience. These can include campaigns reaching out ahead of busy storm seasons with reminders to update account information, tips & tricks to prepare ahead of storms, and assistance solutions based on eligibility in the wake of an event.
In the event that client portfolios are impacted beyond the solutions offered by the traditional servicing model, Velocity Servicing™, a LoanCare Division, is available to be leveraged to keep the most distressed loans on their path to performance while reducing overall cost without the need for transfers or additional boarding fees. Already on the LoanCare platform, the loans are tagged to the Velocity team for high-touch servicing, prioritizing the best opportunities for resolution using data analytics to drive payment success.
If you are interested in enlisting the help of a subservicer who is experienced in assisting homeowners through every kind of natural disaster, who can quickly get them back on the road to stability, contact LoanCare today.