For financial institutions focused on portfolio performance, timing matters. As delinquent accounts become more difficult to resolve, FirstPass provides a proactive recovery solution that enables earl...
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How Early Action Can Improve Asset Recovery Outcomes with SWBC’s FirstPass
For financial institutions focused on portfolio performance, timing matters. As delinquent accounts become more difficult to resolve, FirstPass provides a proactive recovery solution that enables earlier intervention, helping lenders reduce risk, improve recovery opportunities, and better protect their portfolios.
The Negative Impact of Waiting
Traditional recovery efforts often begin after an account reaches a later stage of delinquency. While these processes remain important, waiting longer to initiate recovery efforts can limit options and increase portfolio risk.
Benefits of Early Intervention:
- Improve opportunities to locate collateral
- Reduce exposure to collateral depreciation
- Accelerate recovery timelines
- Minimize operational complexity
- Better manage potential losses
For lending organizations focused on protecting portfolio performance, the ability to act sooner can make a meaningful difference
A Proactive Approach to Recovery
FirstPass was designed to help credit unions move from a reactive approach to a proactive recovery strategy. Available through the AutoPilot Portal, FirstPass enables lenders to initiate recovery efforts earlier than the traditional process, moving asset recovery to day 60 or sooner.
Once a qualifying claim is submitted, SWBC begins a structured investigation focused on locating collateral and supporting recovery efforts. This earlier engagement creates additional opportunities to identify and recover collateral before challenges escalate.
By integrating seamlessly into existing workflows, FirstPass gives credit unions a practical way to strengthen recovery operations without adding unnecessary complexity.
Why Earlier Intervention Matters
An earlier start allows credit unions to pursue recovery opportunities during a more active stage of delinquency, helping organizations take decisive action when it can have the greatest impact.
FirstPass helps credit unions control costs by waiving SWBC recovery fees when collateral is successfully recovered through the program.
Strengthening Recovery Strategies
Credit unions continue to navigate evolving economic conditions, changing borrower behaviors, and increased pressure to protect portfolio performance. In this environment, proactive recovery strategies can play an important role in managing risk and minimizing losses.
FirstPass gives credit unions the ability to engage sooner, accelerate recovery efforts, and leverage SWBC's experience in skip tracing and collateral recovery. When borrowers become unreachable, acting sooner can help create more opportunities for successful recovery and a stronger portfolio.
Ready to Improve Recovery Performance?
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LendingAdam Payton
As part of SWBC’s Financial Institution Group, Adam Payton brings over a decade of expertise in risk management. Adam, SVP, Risk Management, works closely with our Collateral Protection Insurance (CPI) product and focuses on underwriting, claims, and asset recovery.
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