Resolvion, a leading skip tracing and repossession management company, announced the availability of a new service designed to help lenders manage the flood of deferral/modification requests and, at the same time, better manage the emerging default risk caused by the COVID-19 crisis.
The COVID-19 Risk Manager program involves proactive outreach to a lender's highest risk borrowers. Once contact has been established, Resolvion collects information that is vital for the lender to assess/manage the current risk. The questionnaire can be tailored to lender requirements but generally includes:
- Updated address and phone contact information
- Current status of business operations
- Location and condition of collateral
- Current use of the collateral
If desired by the lender, Resolvion can also advise the customer of options that the lender may make available as a result of COVID-19 disruption of the customer’s business.
In addition to the base service, Resolvion can provide deep skip tracing, nationwide collateral verifications services as well as coordinate any voluntary repossession activity that arises from the customer contact.
“One of the biggest challenges we see lenders facing in this crisis is navigating the need to support customers in need with the requirement to prudently manage portfolio risk. We think that the COVID-19 Risk Manager program provides a powerful set of tools to lenders to help meet the challenge,” said Michael Levison, CEO of Resolvion.
More information on the COVID-19 Risk Manager program can be found here.
Resolvion is headquartered in Atlanta, GA, with additional operations Carlsbad, CA, Charlotte, NC, Las Vegas, NV, and Shelton, CT. It was recently formed through the merger of ALS-Resolvion and Del Mar Recovery Solutions.