Many states, including California, New York and Pennsylvania, have issued “Stay At Home” orders due to COVID-19, and this is something that is likely to extend to additional states in the short-term. For call centers, collections organizations and loan servicers, this presents a number of unique challenges due to rapidly developing and often ambiguous regulatory changes related to working from home.
No one could have predicted the severity of the spread of COVID-19. This uncertainty is perhaps the strongest example in recent history of the need to have a strong Business Continuity Plan (BCP) in place. Many organizations were virtually turned upside down and forced to react to our new reality in a matter of hours.
Servicing Solutions has always had a plan in place for virtually any eventuality. We want our clients to be assured that our BCP approach has allowed us to continue operations seamlessly without any significant impacts. Our management coordination and response frameworks have worked extremely well. Our employee notification system and technological ability to deploy Work From Home solutions has been key in ensuring the integrity and stability of our clients’ portfolios. We are prepared to continue to vigilantly do so for as long as these Stay At Home orders are in place.
In the meantime, please see this helpful article from The Association of Credit and Collections Professionals related to important compliance considerations when implementing your BCP approach.