March 04, 2010
Another advantage to the workflow/content management platform is its ability to assist us in ensuring that all of our lending files are compliant with state and federal guidelines. Our system allows us to send borrowers the correct disclosures electronically and securely, notifies users when initial disclosures should be sent and, if a file's circumstances change (e.g., APR increases/decreases), the system reminds users to re-disclose the appropriate document(s). BOCM has also added a compliance department that monitors all regulatory changes and double checks compliance on all files.
BOCM's updated user platform provides tools to oversee operations on an individual, departmental and company level, providing absolute accountability. Our staff's awareness that the system measures their work has improved overall production and work quality and increased consistency in turnaround times. Implementation of our new platform has minimized overall risk and increased our profitability.