Loan Modification Solution

Extend online capability to offer end customers an intelligent, automated and on demand loan modification service

Easy and quick loan modification is essential to mitigate the economic impact of a foreclosure on lenders and borrowers. The growing numbers of loans that run the risk of default place an inordinate burden on lenders who are already short on trained and qualified staff. Banks continue to look for solutions that can manage the increased volumes of loans, reduce time taken to modify them, meet customer needs and reduce the risk of compliance.

Banks are extending their online capability by adding self-service and assisted services as well as automated tools such as click to chat, co browse, calculators etc that aid the loan restructuring process. Banks are also leveraging the online channel to generate leads for their loss mitigation officers to take forward. However there still exists a significant potential to further enhance the online loan modification experience of end customers as well as improve the end to end process.

Wipro’s Loan Modification Portal solution enables banks to provide customers with intelligent options of guided flexibility and enhanced transparency to initiate on demand loan modification requests by updating information, selecting and customizing restructured loan scenarios using online tools, uploading input documents for application assessment and finally executing loan modification documentation online to complete the process. Our customers have streamlined their loan modification processes to improve customer satisfaction, reduced turnaround time by around 30% and reduced costs by at least 20%.