Akey challenge for mortgage servicers is connecting with customers in a timely, cost-effective manner. Phone calls and snail mail are expensive. Inbound and outbound interactive voice response (IVR) is less expensive and works well for repetitive, high-volume inquiries. However, consumers may perceive IVR as impersonal and a one-size-fits-all approach that is unappealing, especially in a loan collections situation. Loan collections and loan modifications, as with new loan origination, require many inbound and outbound customer communications. Communication costs are more acceptable in higher dollar revenue and profit loan origination than they are in low-transaction-volume collections operations.
