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SEATTLE -- As mortgage foreclosures mount in the wake of the subprime collapse, interactive communications specialist Varolii Corp. here said that BOK Mortgage, a division of multibank holding company BOK Financial, is using the Varolii interactive collections solution to reduce delinquencies.
Since adding Varolii to its mortgage collections process, BOK Mortgage reports a 12% reduction in its mortgage delinquency ratio, countering the industry trend toward mounting delinquencies. Varolii cited data compiled by Equifax and analyzed by Moody's Economy.com showing that in the first quarter of 2007 mortgage delinquency rates rose to 2.87%, surpassing the worst levels following the 2001 recession.
BOK leverages the Varolii platform to automate much of the communications process around early stage delinquencies, enabling the company to focus its contact center resources on more complex, high-priority accounts. After receiving one ...
Source: HighBeam Research, BOK Mortgage Reduces Delinquencies with Varolii.