The importance of compliance in loan servicing cannot be understated. 

Compliance helps lenders protect against risks, maintain market stability, and comply with regulatory requirements. As such, loan servicing companies must have a comprehensive understanding of the compliance regulations in their chosen markets in order to provide their clients with the best service possible. For too long, compliance assurance has rested on time-consuming manual processes. But in the age of AI, not only can technology streamline those workflows, relieve people of administrative tasks, and ensure accuracy, it can also mitigate risks.

Compliance regulations are designed to protect lenders and borrowers alike, ensuring that proper procedures are followed when handling loan servicing. This includes timely and accurate reporting of loan information and proper handling of customer complaints. And on the other side, the same regulations protect lenders from potential losses due to missed payments or incorrect loan information. 

AI can support all of these needs when it’s designed specifically for consumer finance interactions like loan servicing. Prodigal’s AI Intent Engine has been trained on over 250 million consumer finance conversations, so it’s an expert on the interactions you have with your borrowers every day.

We support compliance workflows with:

• Real-time agent assistance: Coaching agents through calls including compliance requirements. No more scripts or retraining when new regulations are put in place.
• ‍Automated call notes: Using our AI Intent Engine, we produce call summaries within seconds of call completion, standardizing records for easy access and searchability. Notes for calls with compliance issues can be discovered and reviewed easily.
• ‍Post-call compliance evaluation: Calls are analyzed and scored, with any compliance issues flagged for review. Rather than having to listen to the entire call, compliance managers can jump directly to the flag and evaluate the problem.

By understanding and implementing tools to support compliance regulations, loan servicing companies can ensure that their clients are provided with the best service possible. Compliance helps protect lenders from potential losses and ensure that loans are properly serviced, and supports customers by protecting their rights.

With AI, modern compliance solutions are here.