TeleVoice Helps Cenlar Comply With CFPB’s Servicing Rules

Posted by Patrick Barnard on January 27, 2014 No Comments
Categories : FYI

Mortgage servicer Cenlar reports that it is using TeleVoice's interactive voice response (IVR) and computer telephony integration (CTI) platforms to help it comply with the Consumer Financial Protection Bureau's (CFPB) new servicing rules.

Using TeleVoice's IP call routing technology, Cenlar can more easily comply with the CFPB's new single point of contact (SPOC) rule that requires servicers to have a dedicated agent or set of agents (i.e., a ‘pod’) to serve borrowers who are in early or late stage default. Each time a borrower who is in default calls to discuss their situation with a representative, the IVR system automatically identifies the caller by way of caller ID, automatic number identification or dialed number information service, and routes the call to their dedicated SPOC, or, alternatively, to one of the agents within the borrower's dedicated ‘pod.’

Using TeleVoice's CTI platform, which enables data integration and screen pops on agent desktops, all of the agents in a particular ‘pod’ can readily access a borrower's information – including information specific to the most recent interaction, which may have been with another agent within the ‘pod.’ This way, there is no delay caused by one representative having to contact another representative to discover what steps were taken in a previous interaction. As such, customer service to borrowers in default is seamless and fast, thus boosting efficiency and helping servicers stay in compliance with mandated loss mitigation and foreclosure timelines.

‘The servicing industry is challenged with a host of new compliance regulations, processes and implementation requirements,’ says David J. Miller, Jr., senior vice president of Cenlar FSB, in a release. ‘TeleVoice not only facilitates complex call routing within our contact center, which allows our employees to address more complex borrower inquiries, but we now have effective mechanisms to address SPOC and loss mitigation requirements.’

Equally as important, TeleVoice's platform offers the customized and detailed reporting needed to ensure compliance with the CFPB's reporting requirements, including validation of business procedures in the event of an audit.

‘As the subservicing industry continues to grow, subservicers face a tremendous business opportunity, but only if the right systems are implemented to cater to their customers' needs and effectively address increasing call volumes,’ says Barry Hays, co-founder and senior vice president of TeleVoice. ‘Cenlar, as well as its private label servicing operations, is better equipped to offer customers a personal experience and achieve compliance because of TeleVoice's customizable solutions that symphonize with Cenlar's other integrations and processes.’

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