Digital Deferment Technology and Reset Solutions

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Millions of people have been financially affected by the recent circumstances of the coronavirus. Many of those people have looked toward their credit unions for help. The credit unions have not hesitated when answering the needs of their members and their communities. Many of the needs are request for loan modifications and forbearances. For most credit unions there is a back log of request due to the sheer volume and given the work from home environment or limited staff in the office.

The clients at Rate Reset immediately reached out to ask if we had a solution that could mitigate the back log, be more proactive vs. reactive and, 100% digital experience. Within a couple of days, we had a solution built and it was live within the week. Our Digital Deferment Technology allows the credit union to send offers to members that qualify for the forbearance option instead of waiting for them to call in. The member can complete it in less than 90 seconds. Our system will also calculate the deferment figures and can be customized to your forbearance offer.

If members are not looking for a deferment option but, they would like to modify their loans our Reset solutions can help. We have been offering our Reset Solutions for over 10 years to our credit union clients. The National Credit Union Administration has recently come out with a recommendation to credit unions on offering loan modifications. Our Reset Solutions will help satisfy this appropriate action to help your members that are in financial distress. The entire process can be automated and completed by the member in less than 90 seconds. We are the sole vendor in the country that has this technology and it has helped thousands of members.

Rate Reset is here to help as many credit unions and their members as possible. We have hired more team members to handle the increase demand for our solutions. We are also offering a special discounted pricing during this time. Please reach out to Tonja Wheatley, Leagues vice president credit union solutions and membership at 909-212-6023 to learn more.

Article by Rate Reset.