Debt resolution is a complex and multifaceted process that requires meticulous attention to detail and a deep understanding of financial regulations. At the heart of this process is the underwriting department, which plays a pivotal role in assessing the risk and eligibility of clients for debt settlement programs. To shed light on this critical function, we spoke with Jelli Dizon, an underwriter at Balboa Digital, who shared her experiences and insights into the underwriting process.
A Day in the Life of an Underwriter
Jelli Dizon has been with Balboa Digital for over a year, and her role involves a variety of tasks that are essential to the debt resolution workflow. “The underwriting process involves assessing the risk of clients in which we are approving alone, and my role varies depending on the specific file that I’m about to work on each day,” she explains. A typical day for Jelli involves decision-making and communication, intending to be helpful and accurate with the files she handles.
The Underwriting Process
Underwriting is a critical component of the debt settlement workflow. It involves assessing the financial situation of the client and determining their eligibility for a debt settlement program. Jelli emphasizes the importance of this role: “Underwriting plays a really huge role in the overall debt settlement workflow by assessing the financial situation of the client and determining the eligibility of the client in a debt settlement program.”
The types of files Jelli handles daily are a mix of pre-approval and final-approval files. During the pre-approval stage, she reviews and corrects any issues that arise, approving or declining the eligibility of a client for the program. In the final approval stage, she meticulously reviews the documentation to ensure everything is accurate and complete before approving.
Challenges in Underwriting
One of the biggest challenges Jelli faces in her role is dealing with incomplete and inaccurate documentation, as well as unidentifiable creditors. “Receiving files with missing or inaccurate information requires additional time to clarify or gather the necessary details from the client,” she notes. Verifying creditors for enrollment involves several key factors, including creditor identification, debt validation, and reviewing the applicant’s credit report to confirm that the listed debts and creditors match the credit report.
Standard Practices and Compliance
Jelli adheres to standard underwriting practices and industry procedures to ensure clarity and accuracy in the information provided by applicants. She explains, “I make sure that we have accurate information in the response while I’m reviewing the files. When inconsistencies arise in co-applicant details, I document and identify the issue.”
Compliance is another crucial aspect of Jelli’s role. She checks state guidelines to ensure eligibility for the program and verifies applicant details through a systematic process before moving them to the next stage. This thorough process ensures that all applicant details are accurate and up-to-date before final approval.
Tools and Metrics
Balboa Digital agents use a number of different CRM’s based on the clients systems. This allows the team to track and view all reported files worked on each day. Key performance metrics tracked by underwriters include accuracy rate and average handling time. “Accuracy rate measures the percentage of applications processed without errors, and average handling time sets a specific target each month that we need to achieve,” Jelli explains.
Expertise and Efficiency
Balboa Digital’s underwriting capabilities are valuable for partners because they offer a streamlined, accurate, and efficient process supported by tools like Salesforce. “Our thorough document review and compliance adherence, along with collaboration with our experienced supervisors, ensure high-quality and reliable underwriting decisions, which helps partners achieve better risk management and customer satisfaction,” Jelli notes.
The focus on accuracy and efficiency ensures reliable underwriting decisions, reducing errors and processing times. This helps clients achieve better risk management, faster approvals, and customer satisfaction, ultimately boosting their success. By outsourcing to Balboa Digital, companies benefit from streamlined processes, reduced errors, and adherence to regulatory standards, enhancing overall efficiency without the burden of constantly updating systems and training staff.
Personal Satisfaction and Impact
Jelli finds great satisfaction in her role as an underwriter at Balboa Digital. “What I enjoy most about working in underwriting at Balboa Digital is the combination of working efficiently and enjoying my role. I appreciate the structured approach, the collaboration with experienced supervisors, and the satisfaction of making well-informed and compliant decisions that positively impact our clients,” she shares.
The most rewarding part of helping applicants through the debt settlement process for Jelli is knowing that her work contributes to their financial relief and peace of mind. “Having them get approved brings a genuine sense of accomplishment for me, and I’m looking forward to their financial stability because, as we all know, a fresh start makes all the effort worthwhile,” she concludes.
Underwriting is a vital function in the debt resolution process, ensuring that clients are accurately assessed and eligible for debt settlement programs. Jelli Dizon’s insights highlight the importance of meticulous attention to detail, adherence to standard practices, and compliance with regulations. By managing a high volume of files with accuracy and efficiency, underwriters like Jelli play a crucial role in helping clients achieve financial freedom.
For more information on debt settlement and the underwriting process, you can explore resources from reputable sources such as U.S. News and Forbes.
