Peak5 Launches Program to Help Lenders Check Servicing Strategies
CENTENNIAL, Colo. — Peak5 announced the release this week of a new benchmark program designed for auto finance companies to test their internal servicing strategies.
The program, Test Drive Peak5, aligns with the goal of finance companies to stay on top of regulatory and compliance issues while maintaining best practices.
Test Drive allows finance companies to explore the benefits of new servicing strategies, validate existing ones, and discover new techniques that could make a strong impact on their organization's servicing efforts, officials explained.
This program is performed in parallel with the finance companies' existing servicing strategies to minimize any risk concerns, they noted.
The test is undertaken using a statistically valid subset of its debtor base. The new strategy is deployed, and at the end of the Test Drive, Peak5 provides a comparative analysis and professional consultation to reveal the benefits of the Peak5 approach.
An informed decision can then be made on whether to resume regular practices or to implement the recommended modifications supported by the Test Drive results, officials said.
The Test Drive product also features dedicated and immediately available resources to strengthen servicing efforts, in turn providing both current process improvements and increased attention to servicing strategies.
"Test Drive Peak5 is the ideal solution for finance companies whether they service their loans in-house or outsource servicing, as it enables organizations to discover the strengths and weaknesses of current servicing efforts," stated Kevin Barry, chief executive officer of Peak5. "Clients will learn best practices for handling particular types of accounts and will gain insight as to the impact our state-of-the-art technology has on reaching account holders and collecting payments.
"I believe that as we continue to see some deterioration in portfolio performance throughout the credit spectrums during these challenging times, the ability to utilize the additional resources and custom designed alternatives of Peak5 gives lenders immediate options to strengthen their current servicing efforts. We can have them on board and fully functional for the Test Drive in a very short period of time," he concluded.
For more information, visit www.peak5.com.