With the new CARES Act signed into law, lenders have a tremendous opportunity to support local communities in a time of need. The CARES Act, however, also brings new regulatory, compliance, operational, and technology challenges. Chief among these challenges is that the sheer volume of forbearance requests will likely be higher than any lender has ever seen. To help their borrowers, lenders must act quickly while still maintaining the integrity of their operations and regulatory compliance.
Working with the Unqork platform, KPMG has developed services and accelerators to enable banks and financial institutions to quickly stand up CARES Act forbearance solutions to help their clients submit forbearance requests for multiple loan types (e.g., auto, home, other loans) while complying with stated guidelines. Clients can easily upload their information, qualification criteria are automatically applied, and applications are aggregated and presented for efficient review by loan officers. The result is a flexible solution allowing you to get up and running quickly and support communities in need.
Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. Any trademarks or service marks herein are the property of their respective owners.