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Social media use as a whole has taken a steep lift during the pandemic, and the mortgage industry has been a part of that boost. With in-person meetings with realtors and builders on hold for the time being, loan officers have flocked to the web. Social media has proven to be a low-cost advertising space for businesses the world over, but the opportunities it presents are not without risk. The biggest concern for Mike Dunn of FBC Mortgage? The unknown.
Leading the Crowd
An old sales adage once said, “what differentiates sellers today is their ability to bring fresh ideas to new places". Loan officers are taking this advice to heart with the average LO having 2-3 social media accounts. But where loan officers go, so to do regulators. Michael Dunn, General Counsel of FBC Mortgage, had this to say about the software:
“ActiveComply has provided a platform that shows us social media and online activities that we would otherwise have missed. It allows my team to not only manage our compliance risk, but also our company’s online reputation“.
Autonomously on The Hunt
ActiveComply automatically finds instances of lender branding, trade names, and licensing across a multitude of website. The system allows lenders to scan profiles for licensing and fair lending requirements while also evaluating post content for potential RESPA violations and the like. In a time of high production, ActiveComply was a system Mike felt comfortable bringing to the executive board.
“The ActiveComply system has saved FBC both time and capital; we don’t have to dedicate a team of personnel to monitor the hundreds of company and LO profiles connected to our brand. The system automatically archives our social media and company websites to ensure we meet record retention mandates without having to lift a finger”.
Compliance for Dummies
Another important system aspect for Mike was if it was user friendly. With overtime on the rise, it would be hard to implement a new tool and go through a rigorous onboarding process. “Our team had no difficulty picking up the platform. An onboarding was given, but the functionality was self-explanatory. Buttons are labeled appropriately and items for review are clearly visible. The system has a customizable workflow, so we were able to divide items among team members from multiple departments with ease” said Mike Dunn of the ActiveComply system.
Staying Current with Compliance
The world has evolved quickly in the last few months, with lenders needing more tech support than ever to handle production levels, but compliance has played a just as important role in the pandemic:
“When the pandemic really set in, we saw a increase in social media usage from our sales staff as well as an increase in social media inquiries from consumers about Covid-19 relief. ActiveComply made it easy to track these inquiries and respond swiftly to provide consumers with company policy and entity website links without incident”.
With ActiveComply, FBC is able to keep compliance a priority, even during high production times.