In the complex and competitive landscape of Real Estate Owned (REO) asset management, unique challenges such as managing workforce operations require robust solutions. Using Trua’s innovative never expiring digital background screening solution proved to be a robust solution for a well-known mortgage services company, who saw a significant boost to operational performance.
The Challenge: Streamlining Contractor Screening for Efficiency and Compliance
The company’s role in coordinating a broad array of support functions for both performing and non-performing loans demands not just a high level of organizational efficiency but also stringent adherence to regulatory standards. A significant operational challenge was managing the large network of contractors responsible for a variety of critical tasks, from property maintenance to compliance checks. This Mortgage Company needed an Identity and background screening process that was tailored to their specific needs, capable of reducing both operational costs and compliance risks. The traditional screening processes were not only cumbersome but involved handling sensitive personally identifiable information, which posed significant privacy and compliance risks. Moreover, the adverse action process required substantial time investment from key personnel, further complicating their operations.
The Solution: Implementing Trua’s Never Expiring Background Screening Solution
In response to these challenges, this company adopted Trua, a service that revolutionizes the way the applicant’s Identity and background checks are handled. Trua allows individuals to initiate, review, and manage their own background checks, which they can then share with the company at their discretion. A company or the sponsor merely request the applicant to get their identity and background screen performed with a customized link to Trua. While the individuals cannot change the data, they can certainly verify and dispute any derogatory information and data about themselves. This approach not only aligns with modern privacy standards by allowing individuals to review and control their personal information but also sidesteps the regulatory complexities associated with dispute and adverse action issues, since the checks are not conducted under the onerous traditional employer and third party driven model.
Trua’s platform also offered a flexible payment system, where either contractors or The Mortgage Company could handle the payment, further easing the administrative burden on The Mortgage Company. Additionally, Trua provided the company with an intuitive dashboard that simplified the process of requesting background checks, monitoring their status, and reviewing the results once
Benefits Realized by The Mortgage Company
The implementation of Trua’s platform transformed this Mortgage company’s workforce screening process with several significant benefits:
- Cost Efficiency: By shifting the financial responsibility of the background checks to contractors, The Mortgage Company was able to reduce operational costs substantially.
- Enhanced Security and Compliance: Trua’s patented first party (individual) verification and control over their data significantly minimized The Mortgage Company’s compliance costs and thereby reducing potential downstream litigation risks.
- Operational Efficiency: The Mortgage Company’s staff was freed from managing the screening process, allowing them to focus on core operational activities, which enhanced overall productivity.
- Transparency and Fairness: Contractors had the opportunity to review their background check results and correct any discrepancies before sharing them with the company, fostering a fairer and more transparent process.
Conclusion
This Mortgage company’s partnership with Trua is a prime example of how technology can be leveraged to address complex challenges in an environment of increasing privacy regulation and escalating costs associated with compliance and legal challenges. This solution not only streamlined the identity and background screening process by empowering contractors and reducing employer’s administrative burdens but also enhanced compliance and operational transparency. The success of this initiative underscores the mortgage company’s commitment to innovation and operational excellence, ensuring their continued leadership in the REO asset management sector.