Educating Consumers. Protecting Lenders
A market solution to consumer protection regulations
Lender Advantages with Talkuments
Cut Costs – Associated with Consumer Complaints.
UDAAP Adherence – Ensuring borrowers hear/read requird loan information.
Regulatory Relief / Examination – In examination, the more a lender can do to provide evidence of compliance, the shorter the exam and better the results. Staying in the good graces of one’s Regulator brings both direct and indirect costs savings.
Reduce Loan Level Issues – Tolerance/Variance cures will lessen, because consumers will have a better idea of the terms and fees of their loans upfront.
Lower Legal and Litigation Expense – There is no question that Lenders spend fortunes defending against litigation as well as trying to avoid it. The greatest legal and litigation expense are often legal fees incurred by proving hearsay arguments, which can be defeated earlier in the process if Lenders have documentation or information from the consumer bringing suit. In addition, newest regulations and the QM/ATR Rule specifically, carry a defense to foreclosure for violations, which means Lenders will need additional and better documentation to prove consumers met requirements such as their ability to repay the loan. The attestations and self-identification provided by consumers through Talkuments should significantly reduce a lender’s liability if/when these issues arise.
Cut Down Redundant Process – Lender employees (loan originators and loan processors) spend anywhere from 10 minutes to 2 hours per loan request answering questions and reviewing, re-reviewing and explaining loan issues to consumers. Talkuments reduces and may eliminate this process saving lenders a considerable amount of time and money.
Lessen Loan Buy Back Requests – Multiple thousands of dollars and lengthy amounts of time are spent negotiating loan buy back requests due, in part, to payment delinquencies. Talkuments is not a loan counseling system, however, modules on Credit Management and Budgeting will to some degree mirror a reduction in payment delinquencies as noted in the Freddie Mac study of 2013. In said study, loan counseling reduced delinquency rates by 15% overall and by 29% for first time home buyers.
Improve Branding/Marketing and Good Will – The use of Talkuments will actually help improve the image and perception of the lenders or brokers that use it. That saves money by reducing outlay for marketing and advertising, but should actually generate positive revenue by developing good will with consumers possibly leading to multiple referrals. Most importantly, avoiding a bad experience saves even more, especially in terms of “word of mouth” and reputation. In short, in today’s internet information age, lenders lose money because of bad publicity.
We Boost Process Transparency and Employee Productivity
Transparency – The information and disclosures consumers want to know and are most concerned about is highlighted, explained in layman terms and made easy to understand.
Anytime/Anywhere – Through an easy to use, intuitive platform consumers can learn about their mortgage loan at their own pace and in the comfort of their home with no sales pressure or time constraints.
Focused Approached – Specific information on consumer’s loan choice, fees & costs, loan documents, the mortgage loan cycle along with credit and budget awareness is done through a fun, engaging and interactive consumer interface.
Consumer Trust and Verification – Additional source of data, direct from lender, supplements, enforces or corrects information provided by the lender’s employees/broker during the sales and mortgage loan approval process.