Financial organizations are often confronted with debtors failing to make required payments. In order to minimize credit loss and be in control of credit risk, an efficient recovery management system is important. In Close Recovery, all special servicing and legal processes for defaulting mortgages are managed automatically which allows for straight through processing and an increase of recovery ratios. The module also helps to accurately predict workload and minimize collection costs.
Close Recovery supports arrears and collection processes for all types of loans. When it comes to recovery success, personalized and custom-made collection strategies have proven to be most effective. Close Recovery enables the collection department to apply a more pro-active approach based on profiling and risk analysis. The approach can be adjusted when specific situations occur in the process. Besides that, for each dossier, third parties such as administrators, notaries, lawyers and debt counseling agencies, can be granted access to keep track of agreements.
Close Recovery enables your organization to manage more cases at the same cost, or service the existing volume at a lower cost.