Committed to Customer Service

A BFS Account Specialist counsels borrowers

On its fifth year, BFS, the country’s only mortgage servicing company in the Philippines commits to deliver unparalleled customer service to enable more Balikatan borrowers to realize the gift of homeownership. It has enabled more than 20,000 borrowers to become legitimate homeowners as of 2011.

The company’s main goal has always been to marry its recovery efforts for delinquent loans with the need to help Filipinos settle their long outstanding obligations. BFS offers customized resolution packages so that defaulting borrowers can pay their loans. Since each account holder’s payment history, capacity to pay and loan balance differs, the packages have to be individualized.

BFS continues to provide a menu of options which are borrower friendly schemes. Borrowers with cash or have access to formal or informal lenders usually opt for a highly discounted pay-off. Borrowers with no cash but with the capacity to pay by installment prefer in-house refinancing. Sometimes, borrowers voluntarily surrender their property if they cannot manage financially and swap their existing home for a smaller and more affordable unit. In doing so, they resolve their debt obligation and protect their credit rating too. Finally, BFS makes leeway for special cases to address the needs of its highly marginalized customers.

“We counsel the borrowers and help them arrive at the best settlement arrangement so that they can keep their homes. We are actually very lenient because we’d rather help than see people lose their homes through foreclosure,” concludes Ma. Louella Ilustre, Head of Account Management Department.