Screen sharing can safeguard MMR sales process

Sam Cordon

November 7, 2013

Vizolution published the white paper and said that using screen sharing can provide an audit trail of what documents were discussed with a client and, through electronic signatures, can show that a client understood and accepted the material.

The Mortgage Market Review, due to go live in April 2014, will expand record-keeping requirements, with the obligation to keep records of any post-contract communications and to be able to access this data whenever required.

Under the new rules regarding process and documentation, compliance documents will need to be delivered to the customer securely, at the right time in the process.

There must also be proof and confirmation that the customer has seen and accepted these documents. All this can be done instantly with a screen sharing session, such as that enabled by vScreen, using electronic signatures.

In addition, screen sharing will help lenders and advisers to manage the risk of execution-only transactions. Although it will be possible for lenders to provide execution-only for certain types of product renewals, it still presents a huge risk unless they can prove exactly what process was followed. Advisers must therefore have a robust and fully documented process to prove that the customer qualified for execution-only and was not given any advice during the process.

Bill Safran, chief executive of Vizolution said: “Our research highlighted the issues facing lenders and advisers in keeping the customer engaged while also remaining fully MMR compliant.

“Screen sharing will produce an audit trail of the sales process demonstrating that the lender or adviser was compliant with all aspects of MMR regulations, and having this evidence safeguards the adviser both now and in the future.

“Additionally, the use of screen sharing increases customer understanding and helps them to retain the information they’re given while also increasing customer engagement. 95% of participants typically rank their experience with vScreen as ‘excellent’ or ‘good’.”

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