Client Bulletin 2/12/21

Contact Center Transformation Update

Last month’s Client Bulletin featured an article that explained Cenlar’s 2021 plan to transition current legacy contact centers to a unified, cloud-based operating platform. This transition from our existing platform, which relies heavily on cell phone networks and connectivity for remote agents, will lead to a reduction in dropped calls due to improved technology, connections and equipment.  We recently tested the basic functionality, sound quality and connectivity of our new platform and all systems performed as expected.

Our Plan to Embrace the Mortgage ‘Explainer’ Video

Buying a house with a long-term mortgage obligation is one of the most complex financial arrangements Americans ever make. Extensive documentation is required throughout the home ownership journey, yet studies show borrowers rarely understand the contracts they are signing or obligations they are undertaking. One problem: financial “literacy” among Americans continues to fall short. Only 24% of millennials demonstrate basic financial literacy, according to the National Endowment for Financial Education. Another issue, to paraphrase former communications theorist Marshall McLuhan, is that the medium might be wrong for the message.

In 2017, HubSpot conducted a survey of more than 3,000 consumers to explore the type of content and channels that best attracted their time and attention. The clear winner was video, especially among millennials.

We found similar results. During a recent test, nearly 42% of borrowers in forbearance who viewed a pilot forbearance video visited our website or called us within a week to discuss their options.

Beginning in 2021, we plan to embrace the “explainer” video to improve the borrower experience and thereby increase borrower satisfaction. Current plans call for creation of videos on how escrow works as well as other educational subjects.