Date held: December 12, 2007
Duration: One Hour
Financial institutions often have separate departments and even subsidiaries servicing their consumer and mortgage loans and lines of credit. These separate internal organizations rely on mono-line technology systems that segregate support for auto loans, consumer loans and mortgage loans. This impedes the ability to manage the customer relationship, cross-sell additional loan products and manage risk. It also requires redundant staff, systems and processes that leech profitability.
The growing demand for more complex home equity products is also putting stress on financial institutions that manage these accounts within consumer lending departments. Most consumer loan servicing systems lack the functionality to manage tiered-rate structures, loans-within-credit lines, first lien positions, regulatory compliance and the investor accounting required with real estate-secured loans. As a result, financial institutions are unable to offer a competitive array of home equity products or must build elaborate manual processes to provide support for a growing segment of their loan portfolios.
In order to grow revenue from cross sales, expand product offerings, enhance customer relationships and lower overhead, retail banks are bridging consumer lending and mortgage back offices. With a technology platform that manages mortgages, home equity lines, unsecured lines, installment and indirect loans on a single platform, financial institutions are able to assess customer credit capacity, provide additional functional support to consumer products, securitize consumer loans and manage risk.
Attendees of this free web seminar will have the opportunity to learn how financial institutions are:
- Eliminating systems by consolidating back offices to service both consumer and mortgage products.
- Using one system, workflow and workforce to service all their customers' loans.
- Assessing credit capacity to facilitate cross-selling and risk management.
- Providing secondary marketing support for consumer loans to generate a new revenue stream.
- Using tools to encourage line of credit use.
- Preventing customer run-off with expanded product offerings.
- Creating customers for life by offering loan products that meet their ongoing financial needs.
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