2. Each law firm typically receives 300+ policy directives each year. These emails are typically bundled into “client updates” and distributed to staff within the law firm. The notification and training process used by Law Firms for client policy directives is heavily built around collections of broadcast emails received from clients.
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4. More importantly, do they understand the new directive ? Typically the emails are written from the servicers perspective and devoid of law firm needs. Broadcast email may not effectively transfer information and expectations from the law firm’s view.
The notification and training process used by Law Firms for client policy directives is heavily built around collections of broadcast emails received from clients. These emails are typically bundled into “client updates” and distributed to staff within the law firm. Each law firm typically receives 300+ policy directives each year.
Managing the flow of this critical information can be overwhelming. Is the staff receiving the notification? The Risks of using email-only as your distribution can include: Broadcast emails may not reach the intended audience (staff turnover, SPAM blocks, email overload) Limited ability to confirm receipt and very limited ability to run reports regarding verification of receipt and timely acknowledgement Broadcast email may not effectively transfer information and expectations from the law firm’s view. Typically the emails are written from the servicers perspective and devoid of law firm needs Law firms do not have the ability to effectively recall emails when needed Emails can be distributed outside of the intended audience The current process carries significant risk that if left unchecked may result in financial or reputational loss.
More importantly, do they understand the new directive? Broadcast email may not effectively transfer information and expectations from the law firm’s view. Typically the emails are written from the servicers perspective and devoid of law firm needs
Example, GSE recently requested servicer provide a complete list of properties that fit a specific characteristic. Servicer relayed policy directive to their vendor network with a request they review their portfolio and report back a list of eligible properties. GSE reimbursed and indemnified servicer on each property that was reported. Several weeks later, a policy audit was completed by GSE. Properties that should have made the initial list were missed. GSE was unable to amend coverage to the expanded list of properties; thus the servicer was forced to restitution to the GSE. Post event review revealed that many vendors did not receive or read the original policy directive; others did not understand the directive and failed to correctly identify the correct properties. The loss to the servicer exceeded $250,000.
Benefits by using TLC as the portal to distribute and track policy communication: Secure and protected communication Reports track acknowledgment or receipt and/or confirmation of policy understanding Scenario testing to demonstration understanding
Rapid Deployment on a Centralized policy database, is searchable by keywords, effective dates, and contains a reference library, Job aides as well as all the preserved Original content.
Review- TLC Compliance Portal Login/Profile Pages Department (manage distribution to the intended audience) Courses/Policy Directives Page Open/Completed Timeframes Transcripts Confirmation of completion Scores Certifications
Example Compliance Directive Deliverable (Before/After)
