Rate Reset platform brings CU members pandemic relief
The Covid-19 pandemic has brought financial hardship to millions of Americans. Unemployment rates are at levels unseen since the Great Depression.
Data shows that millions of Americans are struggling to pay their rent and mortgages: an estimated 14 million, or one-in-five are behind on rental payments. 11.8 million adults are not caught up on mortgage payments. (Source)
Amid the tough times, credit unions around the country are stepping up to assist their communities by issuing loan skip-a-pay offers, even when unrequired by state or federal law. Rate Reset’s technology is helping credit unions to assist their members when they need it most.
One such credit union, Kinecta Federal Credit Union of Manhattan Beach, California, is offering flexible deferment—or “skip-a-pay”—services to members who are experiencing financial hardship created by the pandemic. So, to provide rapid relief for members, Kinecta Federal Credit Union is using Rate Reset’s platform to issue skip-a-pays with automated capability. To accommodate a wide range of financial situations, the member can select to skip one, two, or three months.
Historically, skip-a-pay offers are manual, time-intensive processes that can drain a credit union’s resources, even as they strive to provide the highest level of service to members. Rate Reset’s automated technology allows credit unions like Kinecta Federal Credit Union to streamline the skip-a-pay process, so they can efficiently provide the aid their members need. Rate Reset is directly connected to their Symitar Core which allows thousands of skip-a-pay offers to funnel in directly without leveraging back-office resources.