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PFI is an Industry Leader in CFPB Compliance

When it comes to compliance and standards of performance, there are certain industry standards set forth by the Consumer Financial Protection Bureau (“CFPB”) that every third party vendor must adhere to. Third-party vendor standards for CFPB compliance include:

  •  Developing an effective process for managing risk, ensuring that third-party relationships do not present a risk to the consumer
  •  Complying with federal consumer law and demonstrating that unfair or abusive practices have not occurred
  •  Enforcing compliance through contracts and ensuring timely response to consumer protection and high risk exposures
  •  Complying with federal laws set forth by both the CFPB and the Office of the Comptroller of the Currency (“OCC”)

Proctor Financial, Inc. (“PFI”) – the leading provider of lender-placed insurance and hazard tracking services has invested in compliance, IT security, and standards of performance to protect banking customer’s data and enhance the borrower experience. Being an industry leader is why so many banks and mortgage servicing companies continue to call upon PFI to fulfill their outsourcing, lender-placed and hazard tracking needs.

pushing a compliance buttonHow Proctor Financial, Inc. has raised the bar:

1. PFI received the Call Center of Excellence Award from Benchmark Portal in 2011 and every year thereafter for the past four years. This is one of the highest honors that a company can receive for customer service and support.

Because of the rigorous standards and metrics applied in awarding this certification, banks know that they can trust PFI to achieve top quality service and support to borrowers. This is a trust that PFI does not take lightly. Borrower satisfaction is PFI’s number one priority.

2. Proctor Financial, Inc. is ISO 9001:2008 certified for the servicing of lender-placed insurance including claims and policy production. ISO 9001:2008 certification ensures that a business or organization meets international standards of quality that are verified by a third-party.

Our clients and borrowers have come to trust and understand that they will be met with the highest quality service standards. ISO 9001:2008 certification also means that PFI is dedicated to continuous improvement as we receive feedback from our clients. PFI received ISO 9001:2008  certification in 2011, 2012, 2013 and 2014.

3. Proctor Financial, Inc. is SOC 2 Type 2 compliant: A third-party vendor, the American Institute of Certified Public Accountants (“AICPA”) performs audits for companies like PFI to ensure that financial, IT and system operations are protected, available for operation, confidential and private. If the AICPA finds that a company is in compliance with all of their criteria, they will certify the company as SOC 2 Type 2 compliant. Proctor Financial, Inc. is proud to be SOC 2 Type 2 compliant for the past 3 years.

4. AM Best Rated Carriers: When financial institutions obtain our hazard tracking or lender-placed Insurance services, they have confidence in our ability to provide quality A.M. Best rated “A” or better insurance carriers to mitigate risk, provide aggregate for catastrophic prone areas and long term stability.

5. Proctor Financial, Inc. is an active member of several professional organizations including the Mortgage Bankers Association (“MBA”), American Bankers Association (“ABA”) and the American Bankers Insurance Association (“ABIA”). This means Proctor is always up-to-date on industry best practices, policies and legislation.

With all of our certifications and compliant vendor management practices, Proctor Financial, Inc. has set itself apart from the competition. Yet, that does not mean Proctor Financial is satisfied with its current success. Proctor is always investing in continuous improvements, compliant workflows, security and infrastructure for third-party vendor management for its current and new mortgage servicing customers.