New Approach Needed for Mortgage Industry to Reach Struggling Homeowners Quickly

BEDFORD, Mass. — The Obama Administration recently announced its Homeowner Affordability and Stability Plan, an $80 billion mortgage refinancing program. Since the plan was announced, mortgage lenders and loan servicers have been deluged with calls from distressed borrowers who are eager to understand whether they qualify to refinance or modify their existing loan. While many institutions have responded quickly and developed loan modification programs to assist the large pool of distressed borrowers that are at risk of losing their homes, they could benefit tremendously from a more efficient and effective means to communicate proactively with homeowners seeking relief.

Proactive Customer Communications can play a strategic role in helping mortgage lenders and loan servicers reach the millions of struggling homeowners looking for relief from the Homeowner Affordability and Stability Plan. SoundBite Communications, Inc. (Nasdaq: SDBT) offers an integrated, multi-channel solution that allows companies to quickly and cost-effectively deliver proactive customer communications using automated voice, text and email messaging.

Traditional communication methods — live agents, outbound dialing and direct mail — are costly, can take weeks to implement, and deliver only marginal response rates. An integrated communications solution that includes automated voice, text and email messaging, can be most effective in helping institutions proactively reach homeowners with important information and guidelines on how to participate in the loan program.

SoundBite’s hosted, multi-channel solution enables financial institutions to quickly create and launch a proactive communications strategy that:

• Significantly reduces costly inbound calls from homeowners looking for assistance
• Conducts automated surveys to help borrowers determine if they qualify for new payment terms
• Targets specific segments of borrowers to offer new payment termsContacts borrowers across multiple channels and devices without the recipient incurring a charge for the message
• Direct-connects qualified homeowners with agents who are specifically trained to assist with loan modification offers

"Financial institutions who want to help their customers take advantage of President Obama’s new plan should be proactive in notifying at-risk homeowners,” said Mark Friedman, chief marketing officer for SoundBite Communications. "There is tremendous value in leveraging a multi-channel solution to reach many of those homeowners who have been displaced from their home and are no longer reachable through a landline phone. Proactive customer communications, using voice, text and email messaging, is a proven, valuable tool and can be used to quickly share important information with customers using the communications channel they prefer.”

A February 2009 report from Forrester Research, Inc., titled "Proactive Outbound Notification Saves Money” discusses how proactive customer communications reduces costs for incoming calls by sending outbound messages of interest to customers to the device of their choice. Anticipating customers’ needs before they have to make a call not only saves money in handling customer calls but also creates interest in special marketing offers and services that customers find valuable. A complimentary copy of the full report is available for download at http://www.SoundBite.com.

To learn how SoundBite can enable more effective communications for your business, please contact a SoundBite representative today at 888-472-6801 or info@SoundBite.com.

About SoundBite Communications, Inc.
SoundBite Communications provides on-demand, integrated multi-channel communications solutions that enable clients to achieve superior business results. Building on its foundation as a leading provider of automated voice messaging services, SoundBite offers integrated voice, text and email messaging solutions that help clients deliver the right message, to the right customer, using the right channel, at the right time. Organizations in industries such as collections, financial services, retail, telecom and media, and utilities rely on the SoundBite Intelligent Communications Platform to send over a billion messages annually for collections, customer care, and sales and marketing applications. For more information, visit http://www.SoundBite.com.