Sub-Prime Mortgage Lender Increases Payment Rate While Lowering Costs

How do you create a positive experience when calling customers to collect a debt? A top-ten sub-prime mortgage lender, with over $50 billion in servicing volume throughout the United States, asked this very question as it implemented a new collections strategy. In an effort to boost payment rates while simultaneously increase customer satisfaction, the lender faced the familiar challenge of collecting more while creating a consistent and positive experience from an increasingly dissatisfied customer base.

To test their business-as-usual strategy, they implemented Varolii Interact™ for Collections to compare against their existing outsourced collections agency. The results were significant – and immediate. The lender increased payment rates by nearly 100% within five days of contact, improved customer service satisfaction, and redeployed internal staff to higher revenue generating activities.