Equiant has become one of the U.S.’s leading timeshare servicers with an active serviced portfolio exceeding $1.5 billion and with more than 1.2 million loan receivables and 400,000 maintenance fee accounts. What’s their secret? A client-centric culture that delivers innovative solutions for loan and maintenance fee servicing, along with the tools to achieve industry-leading portfolio performance while controlling costs. They continuously improve existing solutions and introduce new ones through innovation and integrated partnerships that offer long-term value and consistency.
Equiant has led the industry in streamlining document custody through eDocs and other digital tools. These cutting-edge systems save developers both time and money while ensuring regulatory compliance. In addition, the industry has come to rely on Equiant for backup servicing, integrated payments, reporting, communications and contact center tools for early-stage recovery and delinquency control.
In 2020, the benefits of Equiant’s servicing technologies became even more evident as the company activated its Business Continuity Plans in response to the COVID-19 pandemic. The financial services and technology provider’s business processes, including payment processing, reporting, and account management were not impacted. Equiant’s contact center and client-service teams remained productive while working remotely on secure company laptops, logging into their Virtual Private Network via two-factor authentication. Equiant’s cloud-based integrated phone solutions meant that clients using eqConnect could continue to manage outreach campaigns through advanced preview dialer and Interactive Voice Response technology. Clients’ employees have been able to work remotely while staying current on productivity even in the most challenging times. Throughout the pandemic, Equiant has focused on client and consumer needs by implementing forbearance and Covid-related coding to allow developers and lenders to optimize portfolios and meet consumer needs. One industry lender noted, “The solution you provided to developers/lenders to track and report on people impacted by COVID-19 has been fantastic. I work with many different servicers and your solutions have been head and shoulders above the rest. Thanks again for the hard work.”
Traditionally, vacation ownership companies had to choose between hiring an outside organization specializing in loan servicing or developing their own technology and systems. Loan servicing requires specialized knowledge and infrastructure, so it benefits greatly from economies of scale. Most developers lack the critical mass, in terms of portfolio size, to invest in the infrastructure required to achieve maximum efficiency. Even the largest timeshare mortgage and maintenance fee portfolios pale in comparison to the size and volume of accounts Equiant handles.
Equiant’s PaaS model erases the need to make that choice, while keeping developers firmly in the driver’s seat. The complete account receivables system includes loan servicing, maintenance fee/dues servicing and invoicing, a collections module, document custody, and multi-option reporting tools. They have access to a Microsoft SQL data server, which supports “big data” analysis in the cloud environment.
Equiant also offers leading-edge contact center technology. Powered by NICE inContact, the global leader in cloud contact center software, eqConnect features seamless campaign integration, agentless dialing, real-time performance indicators, complete contact recordings, long-term storage, advanced recovery call routing, multi-channel contact handling, full skill-based routing and prioritization, total contact blending, multiple dialer modes and customizable dashboards and reports.
Equiant’s Learning Management System, eqLearning, simplifies training and provides answers to technical questions. “It’s not something you’ll only use when you’re new to the system, there’s a wealth of information to help you understand all the capabilities that Equiant’s tools provide,” one client says.
Clients who prefer turnkey outsourced receivables management depend on Equiant’s industry leading customer service and performance. All clients have access to best practices and toolsets that transform the payment-processing function and improve portfolio performance. Equiant’s Business Intelligence Tool Set (BITS) reporting allows developers to create their own detailed reports with the information they find most valuable—such as custom charts and graphs for historical and current trend analysis—from a high level or to drill down to specific data.
Equiant hosts developer accounts under SSAE 18 compliance requirements on the ultra-secure Microsoft Azure cloud platform, securing data from hacking as well as natural disasters, power outages and business interruptions. Equiant is a member of the prestigious Visa Global Registry of Service Providers and has earned the Payment Card Industry Security Standards Council’s highest level of certification: PCI Certification Level 1. Equiant has maintained its PCI Level 1 Certification since it first applied in 2011 and remains the only loan servicing company serving vacation ownership developers to receive the coveted certification. The most recent Verizon PCI Compliance Report revealed that just 28.6 percent of companies are PCI Level 1 compliant and more than 80 percent fail interim compliance assessments.
The best part? Equiant’s superior technology leads to substantial cost savings with improved KPIs. Recent new clients report saving up to 30 percent in the first year!