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Constant launches AI platform to automate hardship relief

Maine-based FinTech company, Constant, has announced that the company has launched new AI-powered software platform for banks and non-bank consumer lenders, helping them to make quick and accurate decisions about payment deferrals, loan modifications and other workouts. The solution helps borrowers with new payment option instantly.

The platform evaluates borrower’s real-time financial situation and provides repayment options and, when appropriate, loan modifications instantaneously without human intervention. Its predictive insights and automated relief options make borrowers paying faster. The company’s chatbot assists clients in providing their customers with the right relief option using real-time data.

“Over ten million Americans have filed for unemployment against the backdrop of $16 trillion of consumer debt. In response to lost wages, bank and non-bank lenders have directed borrowers to call for payment relief options. With mortgage forbearance requests alone increasing by nearly 2,000 percent, the COVID-19 crisis has shone a spotlight on the lack of preparedness to support hardship relief requests,” said Catherine Powers, CEO of Constant.

The platform was built to mitigate losses and avoid the high costs of distressed loan servicing during a recession. In the light of Coronavirus (COVId-19) pandemic, the company performed immediate system adjustments to offer its technology to other lenders and servicers.

“During the 2008/09 mortgage crisis, loss mitigation requests aged in queues for months. Credit scores were damaged, customers were feeling defeated and their willingness to pay was lost. Yet, it appears there was little preparation for the next crisis. Instead technology investment and innovation focused on increasing credit origination volume, only to transfer the long-term management of these loans to manual servicing teams and antiquated operating systems. Constant is changing this,” said Carissa Robb, President and COO of Constant.

Founded in 2015, Constant offers its AI-powered software platform to financial service providers and third-party vendors to escalate hardship relief support, applying decision-based logic and API-driven analytics to replace manual processes.

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