Palms sweating and hands shaking, you tear open the envelope only to be hit with the notice no one wants to see…. you’ve been fined. You ask yourself, "How could we possibly be hit so hard again?" You don’t have millions of dollars to shell out on compliance issues that could have been avoided. Where are these issues stemming from? The answer is simple. Banks constantly receive fines from customer complaints due to failure to abide to regulatory compliance, which can lead to major fines and reputation damage (no one wants their name dragged through the dirt).
The scary part is, most banks aren’t even aware that these complaints are piling up because many customer complaints are going straight to the CFPB (Consumer Financial Protection Bureau). While some customer complaints are legitimate, others are not. Adhering to all the compliance regulations can pose a challenge when it comes to mortgages, and banks don’t always have the resources to review all the cases before they reach the government. It can be a time-consuming process, but it is a necessary one if you want to remain in good standing with your customers and the law.
That’s why no bank should be “fine" with fines. In order to succeed, organizations need to act fast and tackle customer complaints before the government presents them with a large fine! At Vantage Agora, we don’t want to see you go down for fines that could be avoided, which is why we have devised a strategy to act as your own regulatory compliance audit firm. We specialize in ensuring you avoid non-compliance-associated fines, penalties and the dreaded reputation harm.
Don’t let issues go all the way to the CFPB; We will do all the messy work for you. Vantage Agora works to retrieve info from the CFPB and determine whether violations are legitimate or not. We help you to be proactive versus reactive by alerting you before the customer can file a report with the CFPB and fines accumulate.
We work to break down complaints by type (loan mortgage, collection, loan service, foreclosure, payments, and escrow), identify inaccuracies and provide our clients with superior recommendations. We also understand that no one likes to look at a long spreadsheet of numbers, and that is why we use our dynamic Business Operating System (BOS) to deliver compelling visuals and actionable data. This allows you to view trends in a way that makes sense and provides added value to clients by supporting informed decision making.
Vantage Agora is here for you. Fines are not fine, and we won’t let you watch another precious dollar slip away. We work hard to be your source of truth and regulatory compliance audit firm, providing you with the data and resources necessary to remain compliant and keep your money where you need it!
For more information about Vantage Agora's Mortgage Regulatory Compliance services, contact Anoop Sam: anoop@vantageagora.com
