Cornerstone Gains Long-Term Compliance Confidence through ActiveComply Partnership
The phrase “herding cats” is often the most accurate way to describe the process of manually monitoring dozens of loan officers’ digital assets, and to discover an account that isn’t rife with seemingly small but often expensive regulatory violations is a welcome surprise.
Compliance Analysts Taylor Clifford and Michelle Fields-Moore of Cornerstone Lending were determined to find a solution that would make their compliance management even marginally more manageable. This, however, was easier said than done, and they continuously found themselves contractually boxed into compliance platforms with limited reporting, non-existent customization, and lackluster discovery features.
Having reached the metaphorical end of their rope, they concluded that compliance was meant to be complex and stress-inducing - until they found ActiveComply. Through a well-tested partnership years in the making, Cornerstone staff have gained long-term compliance confidence through ActiveComply’s compliance solutions.
Simplicity Is Key
ActiveComply began as a match lit by the mutual question of founders Rob Nunziata and Mike Prince - why is compliance so complicated?
The way they saw it, mortgage lenders had enough to worry about without having to navigate lengthy onboarding processes, needlessly complicated dashboards, manual monitoring, and unhelpful help desks. The answer to these common problems came in the form of a cloud-based, easy-to-use, and easy-to-manage system.
“There truly was no learning curve for ActiveComply. The system was customized for our specific needs and the ActiveComply team was constantly working behind the scenes on our behalf,” said Field-Moore. “It almost felt like they were a part of our team!”
ActiveComply offers its robust suite of features within one, unified platform, making cross-departmental collaboration a breeze. “We don’t just use ActiveComply for certain aspects of the business, but truly for all parts of our business,” said Clifford. “With previous providers, we could only use their tools for pieces – this platform, that platform, but not everything. This platform has changed everything for us, it is the go-to platform for all of our social media needs.”
Saving Time and Peace of Mind
According to a recently conducted time study with FBC Mortgage, the ActiveComply social media monitoring solution has saved their marketing and compliance teams approximately $125,000 worth of personnel hours. While this exact study has not been conducted with Cornerstone Lending, Field-Moore and Clifford both strongly emphasize that the utilization of this software has saved both time and money for their teams.
“ActiveComply has saved us a lot of time. If there is something out there that we don’t know about, ActiveComply is going to find it.” said Field-Moore.
Besides being able to allocate their limited work hours towards other important tasks, the Cornerstone team also feels well ahead of the curve on compliance updates in comparison to their competitors. “When I hear other lenders on webinars or in private groups talk about new industry concerns about marketing compliance – whether it be UDAAP or fair lending violations, it seems like other members of the industry just aren’t as prepared as we are because of ActiveComply.”
ActiveComply's Advisory Board is composed of several established law, compliance, and mortgage professionals whose combined knowledge gives the ActiveComply team a strategic advantage and allows them to distribute real-time compliance updates to their clients. “ActiveComply’s technology is so far ahead of similar platforms out there,” says Clifford. “We’ve gained key efficiencies, peace of mind, and the expertise that comes with being more ahead of the compliance curve than most.”
In 2015, there were 2.07 active users on social media, and as of early 2022, there are more than 3.96 users worldwide. As that number grows, so does the potential for regulatory risk.
Through people, processes, and technology, ActiveComply’s solutions and services incorporate machine learning into compliance workflows, improve department efficiencies, and reduce regulatory citation risks.
“ActiveComply has been a game changer for us,” says Clifford. “It’s made our processes and procedures streamlined. We have an overall high-arching reach for what we can see from a regulatory aspect as well as how easy, how fluid, how intuitive that platform itself is. It just keeps getting better. Every time we have new feedback or new features to beta test, it always blows our mind – giving us the tools we didn’t know we needed, that we didn’t know were possible.”