And again, I can’t be, Sanjay, comprehensive with you in a short period of time. But let me give you a couple of examples to maybe give you a flavor of it. First, we’ve looked really hard at sort of leadership talent and the skills of the people that we have on these teams and the way that they are organized and we’ve made meaningful changes in that space. We are working hard at developing specific programs for these sort of layered risk populations to make sure that we’re being as effective as we can. So one that I’m particularly excited about is recognizing that new-to-repayment seems to be a subpopulation that’s feeling real stress right now. We implemented a pre-delinquency loss mitigation program this year that was heads and shoulders above what we’ve done historically.
So, even before someone gets into trouble, establishing communication with borrower, cosigner, beginning to sort of help them understand the options should they be feeling financial stress, reinforcing and recommunicating the programs that exist for them like our existing Graduated Repayment Program, GRP. And by the way, even just some simple things like making sure we have right-party contacts, text and e-mail information again, borrower, cosigner, so that we — if we do get into a situation where they’re delinquent, it’s just a lot easier to make that first contact. We have implemented over the last quarter or two pretty major technology improvements in the collection space. So we are doing an awful lot of work right now to give them the workflows and the tools to make it easier for them to navigate with these customers and more cost effectively and efficiently get them into the right programs in a shorter period of time.
That’s a great way for us to sort of manage that. We’re looking a lot at our training programs. We are fully staffed today. That’s different from where we were mid-year. We are not seeing our new collectors despite a really high-quality set of classes we brought in, reach proficiency and effectiveness in all the areas as quickly as we would have expected. So we’re doing a lot of work. For example, looking at what’s the right way to train them in person versus remote, how do we make sure we’ve got sort of the right actual tools and experiences for them and the like. So, probably can’t go into all of it, but I mentioned before the way we swarmed the opportunity that we saw in originations, you can rest assured we are swarming the opportunity that we see in loss mitigation in exactly the same way.
Sanjay Sakhrani: Okay. Great. And then just maybe a follow-up question for Steve. I’m just trying to reconcile that 1.9%. I seem to recall, like in the past, that number was closer to 1%, right? And when I look at some of the peers like Discover, I understanding they have a smaller portfolio. I mean they’re kind of in that 1% range still in terms of their annualized loss rate. Is there something different about sort of your portfolio versus there? I’m just trying to reconcile that. Thanks.
