Fannie Mae Announces Know Your Options Foreclosure Prevention Program
Fannie Mae recently launched its Know Your Options Customer Care program, a customer engagement strategy and training program for servicers, aimed at preventing foreclosures through consultative relationships with homeowners. The program provides trainings, led by Fannie Mae personnel, for servicers’ call center employees and includes scripts for interactions with homeowners. A key element of the program is the creation of a single point of contact in the call center for each homeowner. According to reports by participating services, using a SPOC has resulted in a 20-30% increase in workouts. The program is currently being implemented with 18 of Fannie Mae’s largest servicers, and the program training is now being offered through online webinars free of charge.