Unqork's Loan Forbearance App is looking to make things a bit easier for people struggling financially because of COVID-19.
Low-code and no-code platforms are quickly gaining prominence as more industries have no choice but to go digital. On Thursday, KPMG and housing non-profit the Community Preservation Corporation decided to take the plunge, partnering with no-code application development company Unqork to create a new app designed to help those affected by the financial crisis resulting from the coronavirus pandemic.
Unqork and KPMG launched the Loan Forbearance App, giving the more than 3,000 borrowers with The Community Preservation Corporation a platform to guide them through the forbearance application process if they are struggling financially. The new platform will manage submissions from their borrowers and the review, tracking, and approval of requests by CPC's asset managers and loan servicers.
According to a statement, the Community Preservation Corporation services about 3,000 loans on behalf of nearly two dozen public and private investor institutions, but since the outbreak of COVID-19 and the resulting spike in unemployment, hundreds of their borrowers will need help sorting through their options.
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"COVID-19 has created new challenges for the housing industry on a national scale. As millions of people have lost their jobs and ability to pay rent, many owners are struggling to maintain their buildings and pay their taxes, mortgages, and other obligations," said Rafael E. Cestero, President & CEO of CPC.
"Our hope is that this platform will make the transition into forbearance easier for everyone, and eliminate some of the stress and difficulties in these trying times. The team at KPMG and Unqork allowed us to conceive of, and subsequently execute, this offering in a time to market that we couldn't find with other technologies."
The CARES Act that was recently signed into law gives lenders options for helping those struggling with loss of rental income, but the influx and volume of forbearance requests will likely be higher than any lender has ever seen. The app will allow lenders to act quickly and help borrowers while still complying with a maze of regulations.
An Unqork representative said the app was built out by a joint team of KPMG and Unqork employees. The forbearance product was configured using no-code, visual drag-and-drop techniques over a two week period including customization of the workflow, testing, and deployment.
"The need for institutions to react quickly has never been more important," said Gary Hoberman, CEO and founder of Unqork. "I'm exceptionally proud of the way CPC, KPMG, and Unqork came together to deliver an intuitive application that helps people easily transition to forbearance. In times like these it's important that technology 'just works' and allows people to get back to their lives--and this application does just that."
The self-service portal will allow multi-family borrowers to digitally apply for mortgage forbearance and also allows supporting documentation to be included. The entire solution was built out in Unqork and integrated into the Community Preservation Corporations' systems.
Most of the properties are located in the New York metro area but users can be anywhere in the country when they use it. The app allows users to submit forbearance requests for multiple loan types ranging from auto and home to other kinds of loans.
"It is more important than ever to strengthen our communities through technology and promote collaboration, remote etiquette. and visibility as organizations navigate recovery and a new reality. The promise of a no-code solution gives us the ability to build innovative solutions for business challenges in a very short period of time," said Harvinder Bhatia, managing director at KPMG.
"Working together with Unqork and CPC we were able to address an immediate need for the community in a very challenging time."
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