How this mortgage lender monitors 1,500+ loan officers and achieved 138x more compliance coverage with PerformLine

About the Client

As a leading mortgage lending and servicing provider, this lender offers a wide range of loan products to meet the needs of diverse homeowners. The company provides solutions for home purchases, refinancing, and loan servicing. With a focus on customer-centric services, innovative technology, and strategic partnerships,the lender aims to make homeownership more accessible and efficient.

This lender prides itself on its commitment to responsible lending practices and its dedication to helping customers achieve their homeownership goals.

Business Challenges

One of the fastest-growing mortgage companies in the U.S. needed to ensure that their thousands of loan officers were meeting regulatory guidelines across their social media channels and website affiliates, such as Zillow and Trulia. They needed a compliance solution that monitored their loan officers' compliance with regulatory and brand requirements.

Their previous provider was using a manual process that couldn't scale with the mortgage lender’s growth. As a result, their loan officer monitoring was not meeting their high standards. The lender needed an automated compliance system that could scale with the company as they grew their loan officer ranks and, at the same time, could exponentially increase the regulations monitored for.

PerformLine Solutions

• Web Monitoring to automate and scale discovery and continuously monitor of thousands of pages daily.
• Social Media Monitoring to scale digital oversight of all loan officers with automated discovery of posts, and images.
• Industry Rulebooks to automatically reviewed and scored daily for compliance with thousands of required rules (like TILA, RESPA, UDAAP). Only pages with potential issues are flagged for the compliance team to evaluate, providing the lender with increased volume and scope of review and significant time savings.

The Results

Exponentially more compliance coverage

Using PerformLine, the mortgage lender is now able to monitor over 1,500 loan officers and their affiliated social profiles and websites for potential compliance issues or brand violations every day. To date, the lender has automatically monitored and reviewed over 130,000 web pages and social media posts, achieving 138 times more coverage than previously possible with manual efforts alone.

Pinpoint key compliance issues

This client now gains valuable insights into the most commonly flagged compliance issues in their loan officers’ marketing content, such as missing branch addresses, equal housing opportunity logos and statements, and corporate NMLS numbers.

By pinpointing these key compliance issues, the lender can focus its efforts on the most critical areas that require attention, ensuring that all marketing content adheres to regulatory standards and company policies. This level of detailed insight not only helps in immediate rectification but also aids in identifying patterns and trends that may indicate broader compliance challenges, allowing the lender to proactively address potential risks.

Improved loan officer training

The lender is able to use the alerts they receive from the PerformLine platform to better educate their loan officers on compliance and regulatory best practices, and to update and optimize their compliance training.

The data and insights gathered from PerformLine enable the lender to update and optimize their compliance training programs continually, ensuring that training materials are always current and relevant, reflecting the latest regulatory changes and compliance standards.