Mortgage Compliance: Friend or Foe
Blogs
June 3, 2022

Mortgage Compliance: Friend or Foe

We live in a world full of rules and regulations. The mortgage industry is no stranger to this. While communicating clear, timely, and relevant information to homebuyers, it’s crucial for mortgage agents to also adhere to rules that have been defined by their compliance team. With so many different communication regulations in existence, it’s important to understand what they are, how to follow them, and why they exist in the first place.

Compliance Regulations: Necessary or Just a Burden?

Mortgage Compliance house with Key

As a mortgage agent, you might look at your compliance team as an obstacle. They define what you can and can’t say, monitor your deals, and audit past conversations. While this all seems like a hindrance to your sales process, compliance measures are in place to protect you and your company from being sued, or worse, landing in jail. Botsplash provides multiple features that keep compliance officers happy and your liability at a minimum. Let’s take a look at some of the features that keep you on track and why it’s important to follow them.

Canned Messages

Canned Messages offer an excellent way for agents to quickly message customers while staying compliant. These pre-saved responses offer vocal uniformity throughout your company and avoid messaging against regulation or asking prohibited questions. Things such as confidential information or payment information are not allowed to be asked and will be flagged, but a new agent may not know this. Having pre-defined messages ensure that the right questions are being asked at the right times. On top of it all, canned responses can be assigned at a company, team, or individual level. This means every department can communicate with their customers safely!

TCPA Restrictions

Did you know that 15 states in the United States are positioned in more than one area code? Or that you can’t call a customer more than three times on the first outreach? State and government regulations restrict solicitation calls and messages to specific times of the day based on region. Compliance officers can rest easy when their agents use Botsplash due to the fact that all TCPA regulations are automatically followed. We even follow Florida and Oklahoma’s “Mini TCPA” restriction prohibiting automatic texts after 8:00pm.

Secure Document Sharing

As a mortgage agent, you’re constantly exchanging documents with customers. It’s important to ensure that messages are secure and don’t reach unauthorized hands. All documents sent through Botsplash are encrypted, at rest and in transit, to ensure safe delivery. Signed documents are only accessible to authorized agents who have proper access to their company’s portal. Additionally, Botsplash is SOC 2 Type II compliant. This indicates that we have exceeded required security standards and have shown industry excellence in security, availability, and confidentiality. Just one more way we ensure the security of your data while it’s being exchanged through our platform. To learn more about our SOC 2 Type II certification, click here.

Flagged Conversations

While sensitive information is not allowed to be transferred through chat for security reasons, it sometimes occurs. Botsplash will automatically flag conversations that contain social security numbers, payment information, personal information, or other sensitive data. Compliance teams appreciate this feature as it identifies sensitive information before it’s found in a future audit, or worse, falls into the wrong hands.

Chat History

Keeping a detailed record of previous chat conversations can keep you and your company from landing in trouble. After a conversation is completed, the Botsplash platform logs a copy of it for future reference. If a customer falsely states that your company said or promised anything, you will have a detailed report that displays the entire conversation history. Additionally, we offer the ability to email chat transcripts to customers so that they have a copy as well. To learn more about this feature, click here to watch our video!

Mobile Application Document Sharing Restrictions

The Botsplash mobile application is a very useful tool for a busy agent or loan officer looking to chat with customers on the go. While we offer it as a convenience option for our users, security is the number one priority. Because of this, document sharing is disabled on the Botsplash mobile app. We understand that most users will be downloading the app on their personal devices and to stay within compliance limitations, the transferral of documents is prohibited.

Conclusion

As a mortgage agent or loan officer, you are covered by rules and regulations that your compliance team wants you to follow. These restrictions are in place for a reason, but there are Botsplash features available to make following the rules easier. If you or your team have any questions about the items mentioned above, reach out to us! If you’re a current Botsplash user, you can reach us at support@botsplash.com. If you’re reading this and are interested in learning more about Botsplash, schedule a demo with us to determine if we are a good fit for your company’s needs!

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