Rate Reset Unveils New Credit Union Loan Forbearance Solution
April 21, 2020
Millions of people are now financially impacted by the coronavirus pandemic, and many are looking to their credit unions for help with loan modifications, skip payments, and forbearances.
Due to the sheer volume of requests and the fact that many credit unions have modified branch operations, some may find it challenging to meet member demands quickly.
Rate Reset can help. It’s an innovative fintech company that offers award-winning solutions for loan retention, loan reset, loan generation, and digital pre-approval.
After receiving countless client inquiries, the Strategic Link partner worked quickly to create a solution for credit unions that could mitigate the back log, be more proactive versus reactive, and be a fully digital experience.
Within a week, the company built a solution and took it live. The solution, Digital Deferment Technology, allows credit unions to send forbearance offers to members who qualify instead of waiting for them to call in. Members can then complete an application in less than 90 seconds.
Rate Reset’s solution also calculates the deferment figures and can be customized to specific forbearance offers.
“Credit unions are working around the clock to provide special services to members facing financial hardship due to COVID-19, and Rate Reset’s innovative solutions can help expedite that process significantly,” said Jason Smith, Vice President of Strategic Resources.
Having recently hired additional team members to handle the increased demand for its solutions, Rate Reset is more prepared than ever to help credit unions and their members. The company is offering special discounted pricing during this challenging time and will be hosting a free informational webinar on April 23 that will dive into its Digital Deferment Technology and Reset Technology.
Rate Reset can also help credit unions serve members who are not interested in a skip payment option but still want to modify their loans. The solution can be completely automated, and has helped credit unions serve members for more than a decade.