The coronavirus pandemic has taken a still-almost-unimaginable hit on our nation’s economy. Millions of people have lost their jobs, and millions more are facing financial insecurity with paychecks that cover fewer hours. With concerns rising over an imminent recession, is your bank prepared to offer consumers the right help and resources to prevent charge offs with its Home Equity Line of Credit (HELOC) business?
When first approached by a bank that needed help resolving a compliance issue with its HELOC Collections team, Spinnaker took a deep dive beyond those initial symptoms to uncover root causes that were preventing the organization from effectively supporting customers navigating the current economic environment.
We started with a comprehensive assessment of the existing environment to identify strategic opportunities, as well as compliance gaps spanning people and operations. Learnings from that analysis informed new models, decisioning tools and customer repayment resources, creating a better-managed Collections team that meets rigorous regulatory requirements.
Our strategy delivered tailored charge-off, recovery and forecasting models, along with management reporting and trigger alerts. With our collaboration, the client designed helpful debt assistance support for customers. The improved Collections environment has reduced risks and positioned the bank to meet regulatory compliance standards. The bank also gained enhanced data analytics, which identifies trends and opportunities.
Read our HELOC case study to explore how Spinnaker helps banks position their HELOC Collections to be more effective.
When a Top 25 US bank was issued a consent order to tighten its internal controls in order to better mitigate risk, the bank uncovered a need for defined processes and quality assurance protocols within its Trust department. Looking for immediate guidance and Trust expertise, the team brought Spinnaker on board to identify existing gaps, define procedures and create a path to compliance.
Customer Channels & Operations Management, Risk Management & Regulatory Compliance 1 minute read
In the 10 years following the Great Recession, significant numbers of home equity lines of credit (HELOCs) were booked. Now, as we navigate another recession, the balances on those accounts are catching up with customers – and the banking industry – in a big way.
Customer Channels & Operations Management, Process Development, Compliance 5 minute read
In late March, several Spinnaker team members participated in ABA Risk 2021, both as panelists and attendees. This premier risk conference from the American Bankers Association combines enterprise risk management, insurance risk management and risk quantification, while delivering expert takes on current and emerging threats along with best practices.
Customer Channels & Operations Management, Data & Analytics, Risk Management & Regulatory Compliance 3 minute read
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