learn2comply offers a comprehensive electronic complaint management system that allows it clients to record, track, escalate and report all complaint information received by the client or any of its vendors.
The management of complaints is one of the key areas that regulators review when examining a lender’s operation. Certain types of complaints are symptoms of problems with lending and operational practices.
No longer can a lender transfer liability to vendors (call centers, skip vendors, and sales and service vendors). The CFPB and FTC have made it clear that a lender’s vendors are held to the same standard of compliance as the lender themselves.
Are your vendors reporting all complaints they receive? Do they define a complaint the same as you? Does their compensation plan penalize them for complaints?
Today, a lender must properly track and resolve complaints in an expeditious manner. Proper escalations must be in place; call center rep to call center manager, executive management (or director of compliance), to outside counsel. Lenders must identify trends and ensure that any negative trends are addressed.
In the case of a CID (civil investigative demand) by the CFPB, a lender must quickly produce records of all recorded complaints, escalated complaints, and resolved complaints. This is not a simple task when the lender lacks a system of recording the management of complaints (including date stamps by activity). Many times the lender’s complaint management system allows for editing all collected data. This practice is frowned upon by the regulators and brings into question the validity of the complaint as a whole or elements of it.
learn2comply recognized the deficiency in the financial services industry of a complaint management system. And one that the regulators would approve of. The learn2comply complaint management system is full featured and located in the cloud so complaints can be captured and entered from anywhere in the world.
learn2comply’s complaint management is the best solution for your organization:
For more information, please contact us at firstname.lastname@example.org or call 888-570-1161