COVID-19 STATUS UPDATE & HELPFUL LINKS
In these uncertain times, Bayview Loan Servicing is endeavoring to bring as much stability to peoples’ lives as possible. This includes our staff, our customers and our investors. Bayview has been working with government agencies as well as various non-profits on special assistance programs to relieve some of the burden this unprecedented time has brought upon many. We will continue to keep you updated as more information becomes available.
Here is a summary of the steps we have taken:
As of today, approximately 95% of our entire staff are working remotely. We have quintupled our virtual private network capacity and created a secure, virtual call center enabling all of our customer-facing staff to remain available to help our customers. 100% of our customer-facing staff are equipped for answering calls. Only those team members who are required to handle physical mail or manage the physical facilities are in the office. They are spread throughout our building and staggered in work hours. The hygiene of their work space is maintained on a constant schedule.
Bayview was one of the first servicers to put foreclosure sales on hold, ahead of the federal declarations. It was clear to us that this would be where the industry ultimately ended up. As of now, all foreclosure sales are on hold. Evictions have also been placed on hold.
We have rolled out a disaster Forbearance Plan that we are currently offering to those with whom our agents speak and who indicate a need for relief based on impact from COVID-19. Currently, the requirement is to have verbal contact with the customer in order to establish the impact and the need. In anticipation of increasing volumes, Bayview is developing an automated interview process that will allow a customer to answer the questions through our IVR or our website to potentially qualify for the program. We will advocate for others to adopt this approach as soon as possible in order to maximize the number of people who can be helped and minimize the number of people who cannot get through to a live agent.
We are also working to ensure that our customers understand how a Forbearance Plan works, that it is not a waiver of the payments that are missed, and that after the Forbearance period is over, there will have to be adjustments made through reinstatement, a repayment plan or a modification to repay the skipped amounts. Education and understanding are critical to the long-term success of this and any program.
We are encouraging all of our customers who are able to engage with us through our secure online website or mobile app at www.bayviewloanservicing.com. Every call to make a payment that moves to an online payment allows someone who needs help to get through that much quicker.
All of our Investor-related functions around remittances and reporting are up and running remotely. We expect to maintain current SLAs around these functions and will provide updates if anything comes up to affect this.
We will also be working with each of our Investors to work to maximize options made available to our impacted customers as they come off of their Forbearance Plans and we seek to help restart the cash flow your business counts on.
Our thoughts and well wishes are with those who have been impacted by the pandemic. We will get through this challenge together just as we have others. Please take the recommended steps to help fight the spread of this virus. Bayview will stay in touch and provide updates as more information becomes available.
The Executive Team at Bayview Loan Servicing
Additional Links for Information on COVID-19:
BEWARE: Coronavirus Scammers
Find Your Local Foodbank
World Health Organization (WHO)
Department of Labor: Occupational Safety and Health Administration (OSHA)
Department of State
Department of Veterans Affairs (VA)
Department of Health and Human Services (DHHS)
U.S. Small Business Administration