Many are complaining about the new CFPB rules, but these new rules have actually helped those that are proactive. For example, TeleVoice, a provider of customized telephony applications, experienced a 36 percent increase in revenues during its 2013 fiscal year. This growth was driven primarily by strong market adoption of SpotLight, TeleVoice’s Single Point of Contact (SPoC) call management solution, sales of systems to new mortgage servicing clients and an expansion of TeleVoice’s systems within its existing clients in response to significant levels of loan portfolio growth.
“TeleVoice’s continued success is attributable to the mortgage servicing industry’s need for customizable and effective technologies in order to achieve compliance and meet the influx of complex borrower inquiries,” said Barry Hays, co-founder and senior vice president of TeleVoice. “The CFPB’s mortgage servicing rules, specifically SPoC and loss mitigation guidelines, require servicers and subservicers to rework processes and utilize the right technology to meet new deadlines and standards.”
A leader in call center automation for the mortgage servicing industry and partner with industry leader Black Knight Financial Services (formerly LPS) since 1987, TeleVoice provides call center technology solutions to credit unions, federal government agencies and Fortune 500 companies. TeleVoice’s SpotLight, a patent pending call processing solution that manages the day-to-day processing of telephone calls between their borrowers and assigned SPoCs, enables servicers and subservicers to successfully meet the Consumer Financial Protection Bureau’s (CFPB) SPoC regulations which require servicers to make borrower contact once the 36th day delinquency deadline is exceeded.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.