Tuesday, August 03, 2010

Fannie Mae speaks to troubled borrowers

Fannie Mae launched a new website today. KnowYourOptions.com offers troubled borrowers options that do not include walking away from an unpaid mortgage. The site makes heavy use of video and includes talking avatars that speak plainly and clearly to site visitors about next steps.

Servicers have been struggling in an attempt to get borrowers who are at risk of walking away from their home loans to come back to the table. Now, it appears that the nation's largest mortgage investor is offering some help and using the webs most compelling medium to do it.

Garth Graham and Bob Sullivan have been telling me for months that video is the answer to financial illiteracy in this country. I recently wrote about their company, Financial Literacy Solutions, Plantation, Fla., over on HousingWire.com.  They are providing Internet video learning solutions targeted to the Financial Services Industry.

The FLS flagship product is the “Interactive Video Solution” (IVS) which allows companies to quickly deploy up to the minute educational video information to its customers through their existing website. Completely branded and customized solutions can be deployed in days, allowing FLS clients the ability to better educate their customers through the Internet.

The company recently went live with a solution for Consolidated Credit Counseling Services in Fort Lauderdale, Florida, which is helping them teach borrowers in that state all about mandatory mediation before they ever get on the phone with a counselor.

FLS won't say whether the video solution Fannie Mae is using is there's or not, but it's good to see the nation's largest investor using the medium to interact with borrowers. It could add a layer of transparency to the industry that is definitely needed. Of course, in Fannie's case, it all depends upon whether borrowers accept the company's message or not.
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