A Headache-Free ECOA Adverse Action Solution Built with Lenders in Mind

ECOA/Reg B compliance can be a time consuming, painful, and even pricey process, but it doesn’t need to be. Scroll down to learn what Connector by Velma can do for you.

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With Velma Connector, staying compliant on ECOA Adverse Action is easier than opening an email

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STEP 1: Email goes out

As a loan reaches its 30 day closing window, an email is sent to the loan officer or compliance desk.

Clicking the embedded link takes them to the Connector form.

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STEP 2: Collect information

From the Connector form, the LO or compliance desk easily checks the NOI reasons to send to the borrower. Or they can request the loan be withdrawn or declined. In all three cases the LOS pipelines are updated accordingly.

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STEP 3: Connector completes the process

Once the NOI reasons are provided, a NOI email or letter is automatically sent to the borrower on the Lender’s behalf. If no reasons are provided, an automatically generated communication will still go out.

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389%

ROI in the First Year

152

Work Hours Saved Per Year

$10,000

Per Incident Avoided

0

LOS Logins Required

Integrate & Streamline

Connector LOS integration illustration

Connector integrates directly with your LOS and streamlines your entire ECOA workflow. This ensures the correct data is pulled every time, saving you work hours and eliminating the possibility of human errors, which can be quite costly.

Don’t just take our word for it. Here’s what one satisfied customer had to say about Connector by Velma!

Velma Connector has allowed us to provide more communication to our end users. This ensure that even the busiest of users are kept up to date with task they need to complete. The ECOA process alone has saved users hours of manual data entry.”

Jody Simms System Engineer

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Our ECOA solution is just one of the many ways Connector by Velma can help automate your mortgage business. Connector is a robust workflow automation solution that can help automate your TPO communications, production reports, servicing transfer letters, marketing efforts and so much more.

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