Resolvion Launches COVID-19 Support & Risk Mitigation Service for Equipment Lenders
APR 7, 2020 - 6:40 am
Resolvion, a skip tracing and repossession management company, launched a new service designed to help lenders manage the flood of deferral/modification requests and, at the same time, better manage the emerging default risk caused by the COVID-19 crisis.
borrowers. Once contact has been established, Resolvion collects information that is vital for the lender to assess/manage the current risk. The questionnaire can be tailored to lender requirements but generally includes:
Updated address and phone contact information
Current status of business operations
Location and condition of collateral
Current use of the collateral
If desired by the lender, Resolvion can also advise the customer of options that the lender may make available as a result of COVID-19 disruption of the customer’s business.
In addition to the base service, Resolvion can also provide deep skip tracing, nationwide collateral verifications services as well as coordinate any voluntary repossession activity that arises from the customer contact.
“One of the biggest challenges we see lenders facing in this crisis is navigating the need to support customers in need with the requirement to prudently manage portfolio risk. We think that the COVID19 Risk Manager program provides a powerful set of tools to lenders to help meet the challenge,” said Michael Levison, CEO of Resolvion.
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