Pioneer mortgage servicing company BFS continues to provide ways to reach Balikatan account holders throughout the country. Since assuming the Balikatan portfolio of 52,000 delinquent accounts from the National Home Mortgage Finance Corporation (NHMFC) in 2005, BFS has been working to resolve these long-standing housing loan obligations.
BFS has regional coverage that relies on field coverage employing a strategy of periodic face-to-face visits conducted by qualified account specialists, bringing the BFS office to its clients, so to speak. For its Mindanao outreach program, BFS account specialists recently conducted door-to-door visits in General Santos City to discuss resolution programs, pricing, and special offers including its Panalo Max campaign.
Panalo Max is BFS’ most recent offer of affordable settlement pricing to qualified borrowers including 100% waiver of penalties, up to 100% interest condonation, and in some instances, even settlement amounts below principal.
“Conducting these monthly field visits is strategic to us rather than just relying on our physical brick-and-mortar presence and online coverage. Our accounts are widely dispersed throughout the country. We go to our borrowers and do not wait for them to come to us. Borrowers, in fact, appreciate this personal interaction at their door steps, because it is an opportunity to ask questions about the status of their individual accounts and clarify options in the comfort of their own homes,” explains Ma. Louella Ilustre, BFS Head of Account Management Department.
“During our visits in General Santos City, we touched base with over 1,000 borrowers and continue to keep in touch with them to find ways to resolve their accounts,” she continues. In our small way, we are helping make homeowners of these borrowers who would have otherwise never been able to own the properties. It’s always a happy day at BFS when an account is resolved and we hand over a TCT.”
Amabel Serrano, a resident of Gensanville in General Santos City shares, “I availed of Panalo Max because it is a rare opportunity to be given the chance to resolve an outstanding housing loan at a discount. I’m now on my way to finally owning my house after being delinquent all these years, thanks to BFS.”
Panalo Max has been extended up to January 31, 2013 to enable qualified borrowers to avail of the benefits of the program. BFS also took into account the recent calamities which affected thousands of Filipino families, including Balikatan borrowers.
“Since assuming the Balikatan portfolio, we’ve helped more than 25,000 families resolve their housing loans,” shares Ilustre. “Our outreach programs contributed significantly to pipelining these resolutions for the company.”
BFS is a fully-integrated mortgage servicing and special asset servicing company in the Philippines for residential loans and property portfolios. It was established by an institutional fund managed by a leading global fund manager. BFS is the fund’s asset management and servicing arm for its investments in the Philippines.