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Ask the Experts: How the FDCPA Could Force Collections Compliance Changes

on Thu, Jul 11,2019 @ 06:47 AM | By Chris Carlson | Compliance CFPB ask the experts collections
Collections compliance could be in for some big changes in the near future. So that’s why we recently hosted a webinar to discuss how a proposed rule change to the Fair Debt Collection Practices Act and how it might affect collections technology and processes, if passed. In case you’re unfamiliar with the FDCPA, it is a federal law that governs debt collection practices. The FDCPA prohibits debt collection companies from using abusive, unfair or deceptive practices to collect debts. The presentation was very informative, but we also fielded questions from attendees near the end of the webinar. Here are just a few of the questions that were addressed:
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Summer Tips for Improved Fraud Detection & Prevention from Your Loan Software

Have a safe and happy holiday week! Hopefully, you’ve already started your brief, yet likely well-deserved, time away from the office and will read this when you return. But for the others like me still putting in hours until tomorrow’s national holiday, now’s an excellent time to focus on a topic many of us highly prioritize – security. While safety and security this weekend will deal more with properly handling fireworks or ensuring everyone follows the recommended precautions if you’re out on the water, it also makes sense to focus on how your loan origination system should help your financial institution effectively mitigate exposure to fraud.
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Identifying Cause and Effect for Greater Indirect Lending Success

Cause and effect. Some concepts are simple such as applying heat to ice and seeing what happens. Others, such as in scientific research, can be much more complex before being proven. For example, The Washington Post and other news media reported this week that links cellphone usage to the development of horns growing on the base of young people’s skulls. While this is a long way from ever being confirmed, it sure grabbed a lot of attention. Luckily for lenders, cause and effect is much simpler when it comes to gauging how your loan origination system supports indirect lending success. Here are three examples of loan software functionality that could cause a lot of trouble for your financial institution if not provided by your platform:
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Ask the Experts: Special Guest Jim Marous Weighs in on Digital Lending Questions

Did you catch our digital lending webinar last week with special guest Jim Marous from the Digital Banking Report? Don’t worry if you missed the webinar, you can request a link to the recording by clicking the button below. Even though Jim also spoke at our recent User Forum this spring, this webinar’s focus took things a step further as Jim outlined results of his 2019 Digital Lending Survey and content from his recently published 2019 Digital Lending Review. Following his presentation, Jim fielded a few questions from attendees, so we thought we’d share them here since his responses tie so closely to the evolving digitalization discussion so many financial institutions are having today. Here are some of the questions and Jim’s thoughts:
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Loan Software Support: How to Distinguish Extraordinary from Run-of-the-Mill

Everyone has a story about horrible service at a restaurant. Some are funnier or more extreme than others, but people who tell those stories often come to the same conclusion – they wouldn’t be caught dead setting foot in there again. What’s odd in a way is that no matter how good or critically acclaimed the food may be, terrible service ruins the entire experience.  In a similar light, loan software support from a provider can be just as crucial to your lending programs’ success as functionality and other bells and whistles. Platforms constantly evolve, especially in today’s lending market. So institutions need providers to stand behind solutions and commit to a true partnership.
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How Does the Digital Lending Experience You Provide Stack Up? Three Tips to Consider

It’s been a few weeks since we’ve focused on digital lending best practices, but it continues to be such a hot topic these days. Here’s a link to where we left off in case you wanted to check it out. Moving forward, here are three more key considerations every financial institution’s loan origination system must incorporate to maximize success in the digital segment:
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2019 Demo Days: Your Front-Row Seat to Our Solutions

Records are made to be broken, and we are seeing a lot of MeridianLink’s previous records being broken left and right. Since the User Forum held earlier this month that shattered the prior attendance record with more than 700 people joining us to learn more about how we can connect them to better, interest in our products and services has also never been higher.
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Don’t Forget These Indirect Lending Best Practices When Evaluating Loan Origination Systems

If you ask any financial institution that’s recently enjoyed success with its indirect lending program, chances are that success will in some way be attributed to the relationships built within that institution’s dealer network. Those relationships involve several key factors – far beyond showing up once a month with donuts and slightly lower rates.
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3 More Loan Software Compliance Best Practices That Every FI Should Consider

My car isn’t really that old, but it’s old enough to where I held my breath last month when I took it in for an emissions check so I could renew my registration. Luckily, it passed, and I didn’t have to visit my mechanic for needed repairs – unlike a friend of mine. She’s looking at a pretty hefty price tag before her car meets regulatory standards and her registration can be renewed.  Whether it’s your car or something much more serious like your financial institution’s loan software, finding the best solution to help meet regulatory standards as well as a trust-worthy provider can sometimes be harder than expected.
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Recapping the New Brand Identity for MeridianLink: Connecting You To Better

We would like to thank everyone who joined us last week in Huntington Beach for the MeridianLink 2019 User Forum. Besides the record attendance and all of the buzz surrounding all of the latest developments regarding our products and services, we picked the Forum as the perfect place to unveil our new logo and branding.
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