PerformLine Announces New Tools to Assist Mortgage Servicers in Complying with Verbal Loss Mitigation Requirements during COVID-19

PerformLine, the leading provider of automated call center compliance technology, announced the addition of a new suite of tools to assist mortgage servicers in meeting Regulation X requirements for verbal requests for loss mitigation applications into their call centers.

Federal regulators, including the Consumer Financial Protection Bureau (CFPB) and Federal Deposit Insurance Corp (FDIC), are encouraging homeowners experiencing difficulties in making mortgage payments as a result of the COVID-19 pandemic to call their servicer. The recently passed Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes provisions on forbearance for federally backed mortgage loans.

As a result, mortgage servicers are already reporting a huge surge in requests to their call centers from borrowers who are impacted by the pandemic and those conversations, many of which likely qualify as loss mitigation applications, must comply with Regulation X’s loss mitigation requirements.

Through automated call center monitoring, PerformLine is able to aid mortgage servicers track and flag calls that can be considered the start of “verbal loss mitigation.” By leveraging natural language processing (NPL) and artificial intelligence, the PerformLine platform automatically reviews every minute of every call to discover all signals of forbearance requests related to hardships caused by the COVID-19 pandemic. Those borrowers can then be classified as oral requests and therefore trigger the obligations that stem from receipt of an application (including sending an acknowledgment letter and exercising reasonable diligence to assist the borrower in completing the loss mitigation application) can be sent to the appropriate departments for assistance.

Those hours spent previously manually reviewing and flagging calls can now be spent on more high-touch operations, saving organizations from hiring headcount while still allowing them to scale to handle the deluge of calls.

“This automation is both saving our clients thousands of man-hours during these unprecedented times, and helping consumers get some much-needed relief from their lenders for the hardship they may be enduring,” stated Alex Baydin, founder and CEO of PerformLine. “Additionally, using tools like PerformLine to aid in the identification of loss mitigation applications and speed the reply to consumers shows regulators that those companies are using good faith efforts to comply with Regulation X.”

Those wishing to learn more about how PerformLine is helping other mortgage providers and their servicers can request a demo here.

PerformLine is a leading provider of compliance technology that empowers leaders with a first-line of defense solution to mitigate risk across consumer touchpoints including web, voice, messaging, email and social media from one platform. By combining scalable technology with a proprietary rule engine, PerformLine automates the path to discover, monitor and mitigate compliance risks and ensure brand safety. The PerformLine SaaS platform features full workflow capabilities, real-time analytics, remediation, and monitoring while providing clients with significant time and cost savings by automating compliance activities across channels and departments. For more information, visit