With the new CARES Act signed into law, lenders have a tremendous opportunity to support local communities in a time of need. The CARES Act, however, also brings new regulatory, compliance, operational, and technology challenges. Chief among these challenges is that the sheer volume of forbearance requests will likely be higher than any lender has ever seen. To help their borrowers, lenders must act quickly while still maintaining the integrity of their operations and regulatory compliance.
Unqork's Loan Forbearance App, developed in partnership with KPMG, is a turnkey application enabling lenders to quickly help their clients submit forbearance requests for multiple loan types (e.g. auto, home, other loans) while complying with stated guidelines. Clients can easily upload their information, qualification criteria are automatically applied, and requests are aggregated and presented for efficient review by loan officers. The result is a flexible, turnkey solution allowing you to get up and running quickly and support communities in need.