The days of the past are gone. The mortgage industry’s regulatory landscape along with compliance costs have increased dramatically. All surveys show that consumers are looking for more interactive loan information, particularly millennials. Talkuments, a consumer facing educational technology is a market solution intended to lower compliance costs and to provide a loan applicant with an exemplary user experience.
Talkuments is a white label application. Its look conforms to each individual lenders logo, color scheme and preferences. All content is editable in order to meet individual lender compliance and management requirements and objectives. In addition, Talkuments can be sent by a wholesale lender to a loan applicant in the name of the broker.
A loan is originated from traditional retail, call center or internet business channel – or wholesale channel.
A Talkuments educational link is sent by the lender to a loan applicant along with his/her three day docs. Applicant’s specific loan choice, payment and loan related features are examined, the Loan Estimate is analyzed and an overview of application loan disclosures is discussed.
In addition to loan specific data and education, Talkuments provides tutorials on Credit Management and Budgeting; suitable for first time homeowners or as a refresher for more experienced loan applicants.
Auto notification for possible change in loan program, loan features and/or loan fees and costs. Updated loan data populates Talkuments, including the Loan Estimate, if required.
Within 72 hours of loan settlement, the closing disclosure is explained in detail along with an overview of the consumers closing documents.
Verification and documentation of loan applicant’s receipt of Talkuments along with website tracking of use, status or percentage completion of loan modules and answers to knowledge questions and attestations are stored and exported individually or in batch for legal, audit and compliance purposes.
Lenders can data mine their Talkuments consumer database specific to regulatory requirements (UDAPP, Fair Lending, etc.), consumer protection, marketing efforts or for use as a defense in legal or audit proceeding. It’s all about data!