5 Benefits of Regulation Management to Help Default Law Firms Improve Compliance
- August 16, 2022
- Category: Compliance Management
Is your law firm struggling to keep up with rapidly changing attorney directives? If you are tracking the latest announcements from the CFPB, HUD, FNMA and FHLMC, FHFA, and state requirements, are you accurately capturing how these guidelines and directives will impact your organization and how you operate? Are you using shared folders, or do you have a technology platform that automates your compliance management? If these questions are keeping you up at night, you’re not alone.
Provana recently launched a new feature as a part of its integrated policy audit and compliance solution (IPACS). The new Regulation Management & Client Requirements module is specifically designed to help default law firms manage all the regulatory changes and attorney directives that impact their industry in one place – a game-changer for firms that have many clients with some unique and at times overlapping requirements.
The foreclosure industry has been under intense regulatory scrutiny in recent months, requiring default law firms to keep track of every client or regulatory requirement (and updates on regulations), digest documents, and distribute updates across departments within their organization. Provana’s Regulation Management & Client Requirements module can help automate this tedious process for firms, fostering seamless cross-functional communication, process updates, and data reporting to ensure that all changes in documents and processes are successfully implemented in a timely manner.
Benefit 1: Centralized Information with Role-Based Access
With the Regulations Management & Client Requirements module, you can track changes from various authorities and upload corresponding documents to be maintained and indexed in one place. The role-based access and version control for this function allows for better security and helps teams remain focused on regulatory elements that matter to their operations.
Benefit 2: Customization
Having custom fields and attributes available for updating the regulation and attaching documents helps instill best practices and ensure they’re repeated in the system, which has a direct and positive impact on efficiency.
Benefit 3: Automated Workflows
Regulations Management & Client Requirements makes it easy to disseminate attorney directives and integrate changes within the system. Communication related to updated documents, revamped current processes, or scheduled training sessions can be triggered digitally across different departments.
Benefit 4: Information Exchange
Regulation Management lets all relevant stakeholders share their status updates and add comments to documents. Having comments or updates on particular tasks results in complete visibility of updates for future reference.
Benefit 5: Reporting on the Go
With Regulations Management & Client Requirements, you can track tasks, access all the requirements from clients, and manage the latest regulatory updates with regulation management. Having this information in one place helps you remain audit-ready all year long.
Provana is committed to driving innovations and enhancing its product capabilities for the default servicing industry. Given that many federal and state-level moratoriums on foreclosure have ended, we have prioritized helping mortgage default servicing law firms streamline compliance and enable smooth operations.
“Our new Regulation Management & Client Requirements module was built in close collaboration with our existing clients after understanding their needs,” said Sean Clark, Senior Vice President of Platforms at Provana. “Managing information across multiple clients and regulations is difficult, and we wanted to make this as easy as possible for our clients in the mortgage default servicing industry.”
Many of our leading clients in the space have already started using this solution. In the past few months, we have also partnered with a360inc to bring expanded e-filing and enhanced data analytics solutions to the industry. Click here to read more or let us know if you’d like to set up a personalized demo to learn more.