Quick Q&A: Does an automated CMS help lenders with in-house collection services?
We’re starting out 2016 with a new weekly feature, the Compliance Quick Q&A. Each week we’ll take questions from our readers and pose them to our collection of really smart people. Let’s start of with this great question:
We’re a fast-growing auto loan lender that provides in-house collection services. Would an automated CMS be an advantage, and do we need one in place?
Brian’s Answer:
Absolutely, yes, because you are dealing in auto finance and collections. I deal with literally hundreds of automotive, auto finance and collections organizations. In addition to the benefits gained by converting manual methods to automated processes, an automated CMS gives you visibility into what’s going on, who has been trained on what, etc.
To an auditor, it proves you have a system in place. You can add your own content into that system, supplement it with subject matter experts, content policies, procedures, trainings, etc. to ensure your employees understand compliance issues and are conducting business in the right way.
It’s a financial services system that keeps your business humming.
Brian answers more questions around CFPB compliance and how automating your compliance management system (or CMS) keeps you out of hot water. Check out the on-demand webinar: CFPB Watch, The latest headlines & how to stay out of them
