Green Tree Credit Solutions and its affiliate company, Landmark Asset Receivables Management, have reported a significant improvement in collection recovery rates as a result of deploying the debt collection solution from Latitude Software, an Interactive Intelligence Group Inc. (Nasdaq: ININ) company.
“Latitude’s custom workflows and account analysis features have helped us increase our collection recovery rate by 25 percent,” said Green Tree’s vice president of ARM operations, Mark Foley.
Green Tree and Landmark achieved these results by using the debt collection product, Latitude Center, to determine whether or not an account should be pursued based on factors such as location, regulations and bankruptcy filings. This maximized the productivity of collectors, while uncovering additional revenue opportunities.
“ Latitude Center has ensured that our collectors work on only the most productive accounts, while helping us identify opportunities in our portfolio that we didn’t even realize existed,” Foley said.Green Tree initially chose the Latitude Center product for its open architecture and user-friendly interface, according to Foley. “ Latitude Center’s open architecture was critical because it enabled us to create custom workflows tailored for specific products and clients,” he said. “And unlike our previous system that required collectors to memorize codes for recording call outcomes, dispositions and follow-up, Latitude Center provided drop-down menu options, which meant significant reductions in both training and call handle times.” When Green Tree created its affiliate company, Landmark, it extended its Latitude Center deployment and sees it growing even more in the coming years. “ Latitude Center’s flexibility can help us move beyond our mortgage line of business into other collection areas such as credit cards and auto loans,” said Landmark’s senior managing director, Ken Frye. In addition to Latitude Center, Green Tree and Landmark are using the Latitude Automation Suite , Latitude Exchange, and Latitude Web Access. These applications provide functionality for planning collection workflow processes and account treatment strategies; rapidly developing and executing data import and export jobs between disparate systems; and sharing real-time reporting and account information between the client and its customers via a secure Web portal. “The Latitude product line’s flexibility, comprehensiveness and ease-of-use have made it easier for us to get to where we wanted to go as a company,” Foley said. “We’re now more in control of managing our portfolio, plus we can move into other lines of collection business, both of which give us a major competitive advantage.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV