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Why Mortgage Companies Need PerformLine’s Call Monitoring

March 28, 2023
Here’s why leading mortgage companies use PerformLine’s Call Monitoring for effective performance management and compliance monitoring—and why you should too.

For mortgage companies, having visibility into your loan origination and servicing calls is critical to ensure that agents are meeting performance targets and complying with regulatory requirements. But, it’s impossible to get complete call coverage with manual review and QA. Manual review is time-consuming, tedious, and leaves room for human error and missed violations.

PerformLine’s Call Monitoring solution allows mortgage companies to streamline their performance management and compliance monitoring processes, thus reducing risk, increasing efficiency, and providing cost savings.

Here’s why leading mortgage companies use PerformLine’s Call Monitoring for effective performance management and compliance monitoring—and why you should too.

Table of Contents

Performance Management in Calls for Mortgage Companies

The importance of performance management for mortgage companies

Mortgage companies are constantly looking for ways to improve their loan origination and servicing processes through performance management. 

Monitoring calls for performance management can help mortgage companies to:

  • Increase productivity by setting clear goals and providing feedback for agents and loan officers
  • Increase efficiency by identifying opportunities to streamline processes and reduce costs
  • Improve customer satisfaction with well-trained and knowledgeable agents and loan officers who get coaching and feedback to provide better service to customers
  • Reduce risk by monitoring the performance and identifying and addressing potential issues

Using PerformLine’s Call Monitoring Solution for Performance Management

PerformLine’s Call Monitoring automates the review of every call minute for 100% visibility into agent and loan officer performance.

PerformLine’s Performance Management for Call Monitoring provides mortgage companies with:

  • KPI ranking: Stack-rank agents and loan officers on specific KPIs and monitor individual performance over time compared to company averages
  • Customized rulebooks: Create custom rulebooks to monitor calls against your brand’s specific policies, procedures, and guidelines
  • Scorecard creation: Create customized scorecards to evaluate performance on various metrics like call handling, compliance, and customer service. These can be tailored to your company’s specific goals and requirements
  • Coaching portal: Coach and train at scale and close the feedback loop between QA and the organization

How this company used PerformLine to increase call coverage by 1900% and produce 27x more agent scorecards

A direct mortgage lender uses PerformLine to monitor phone communications of over 100 loan officers and customer representatives.

With PerformLine, this client was able to go from manually reviewing only 20 calls per day to comprehensive coverage and scoring of every call received, totaling over 12,000 a month—a 1900% increase! 

This client was also able to produce 27x the number of agent scorecards using PerformLine than they were previously with their manual QA process.

Using PerformLine, this client eliminated manual review and can now achieve fast and accurate scoring and improve agent performance at scale.

Call Compliance Monitoring for Mortgage Companies

The importance of call compliance monitoring for mortgage companies

Compliance monitoring is a critical component of any mortgage company’s call center operations.

Compliance monitoring for call centers is important for mortgage companies for several reasons, including:

  • Ensures compliance with regulations including the Fair Housing Act, the Truth in Lending Act, the Real Estate Settlement Procedures Act, UDAAP, fair lending laws, and more
  • Mitigates risk by identifying and remediating potential compliance issues before they become larger problems
  • Brand protection through ensuring that agents are treating customers fairly and following all relevant laws and regulations
  • Avoid enforcement actions and costly fines ensuring that agents adhere to regulations and internal procedures
  • Builds consumer trust by ensuring that consumer protection laws are being followed and consumers are being treated fairly

Using PerformLine’s Call Monitoring Solution for Compliance

With PerformLine’s Call Monitoring, every minute of every call is automatically reviewed to ensure compliance for 100% coverage.

PerformLine’s Compliance Monitoring for calls provides mortgage companies with:

  • Automated review: Automatically monitor every call to provide more coverage for less cost with total volume scalability
  • Regulatory compliance rulebooks: Utilize turn-key rulebooks built on regulatory expertise and required disclosures to monitor against to identify potential compliance issues
  • Pinpoint accuracy: Pull out the exact part of a call that’s been flagged for compliance, for faster, more accurate review
  • Business intelligence reporting: Get detailed reporting to track compliance performance over time and identify areas for improvement
  • Regulatory expertise: Our team includes experts who stay up-to-date on the latest compliance requirements and can help mortgage companies ensure compliance

PerformLine allows mortgage companies to monitor calls for compliance with applicable regulations and guidelines, including:

  • Real Estate Settlement Procedures Act (RESPA)
  • Truth in Lending Act (TILA)
  • Telephone Consumer Protection Act (TCPA)
  • Fair Housing Act (FHA)
  • Equal Credit Opportunity Act (ECOA)
  • Home Mortgage Disclosure Act (HMDA)
  • Gramm–Leach–Bliley Act (GLBA)
  • Unfair, Deceptive, and Abusive Acts or Practices (UDAAP)

How this company used PerformLine to monitor 140k+ calls and streamline compliance review

This client uses PerformLine to monitor over 140k calls per month from both internal and external call centers. 

With PerformLine, this client was able to go from manually monitoring just a fraction of these calls to 100% coverage without additional headcount.

With automated review, an average of 12% of calls were flagged to be further reviewed by the QA team. The team only needs to listen to the exact call minute(s) where PerformLine flagged potential violations, saving valuable time and resources and streamlining compliance review.

Consolidate compliance and performance management with PerformLine

For mortgage companies looking to improve their loan origination and servicing processes, consolidating performance management and compliance within a single platform with PerformLine can be a game-changer. 

Improved Efficiency

When all of the tools and processes for performance management and compliance are integrated into PerformLine, it becomes much easier for mortgage companies to manage their operations. 

You no longer have to switch between different systems to track performance and monitor compliance—instead, you can perform all of these tasks in one place, which can save time and reduce errors.

Enhanced Compliance

By using the PerformLine platform for both performance management and compliance, mortgage companies can ensure that all of their agents and loan officers are following the same procedures and that they are meeting all necessary regulatory requirements. This can help to reduce the risk of compliance violations and associated penalties.

Better Agent Performance

With PerformLine, mortgage companies can provide their agents with the tools and resources they need to perform at their best. You can use the data from the platform to provide training materials, best practices, and performance metrics to agents, which can help them to improve their skills and work more effectively. This can lead to higher levels of customer satisfaction and increased productivity.

Seamless Integration

For mortgage companies that are already using PerformLine for other channels, adding Call Monitoring to your existing channels of coverage is easy. All of your existing rulebooks and guidelines can be easily deployed across calls, making it quick and efficient to increase coverage while keeping all of your compliance and performance management processes in one spot.

Cost Savings

One of the biggest benefits of consolidating performance management and compliance into a single platform is cost savings. By using a single platform, you no longer have to pay for multiple systems, which can be expensive and time-consuming to manage.

For mortgage companies that are already using PerformLine for other channels, the cost savings are even more significant. You can avoid the cost and complexity of onboarding a new platform, and bundle Call Monitoring into your existing channel coverage.

Get started with PerformLine’s Call Monitoring for performance management and compliance

Learn more about how you can streamline performance management and compliance monitoring processes for calls with PerformLine to reduce risk, increase efficiency, and save time and money. Get started today.

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