Frequently Asked Questions - Vervent
Frequently Asked Questions2020-08-10T12:07:26+00:00

Frequently Asked Questions

Q: Do you have a pandemic plan?2020-06-26T12:08:24+00:00

A: Vervent’s standard operating procedures were designed to weather the unexpected with minimal disruption. We have a robust pandemic plan, as well as a general business continuity and disaster recovery plans, ready to be implemented as needed.

Q: How do you keep financial information secure?2020-06-26T12:08:03+00:00

A: In addition to our numerous certifications andsecurity protocols, all our facilities offer 24/7 biometric scans for entry, staff undergoes extensive background checks upon hire andagents are prohibited from using or having cell phones out on the operations center floor. We also have a high supervisor-to-agent ratio to ensure campaign oversight, have dedicated quality assurance staff on each campaign and use Artificial Intelligence to record, monitor and analyze 100% of calls.

Q: How does Vervent leverage Artificial Intelligence?2020-06-26T12:06:34+00:00

A: Our proprietary Artificial Intelligence records, monitors and analyzes 100% of calls in real time to provide agent feedback and valuable consumer data. This facilitates higher quality customer interactions, ensures compliance with industry regulations and improves overall portfolio performance.

Q: How does Vervent’s data security differ from competitors?2020-06-26T12:06:09+00:00

A: Vervent leverages state-of-the-art technology for our loan and lease management systems,payment processing and communication platform. Our georedundant operations centers use cloud-based environments to service your portfolio, meaning our solutions can be adjusted as necessary from region to region to maintain uptime.

Q: Are you HIPAA certified?2020-06-26T12:05:38+00:00

A: Yes, we proudly service healthcare industries with full HIPAA compliance.

Q: Is Vervent PCI compliant?2020-06-26T12:04:48+00:00

A: Yes, Vervent is certified Payment Card Industry (PCI) Data Security Standard 3.2 SAQ D compliant and undergoes an annual audit to stay current.

Q: Are you certified to handle private and financial information?2020-06-26T12:03:53+00:00

A: With more than 30 years of experience, we lead the industry in compliance certifications by maintaining a zero discrepancy SSAE-18 audit and following all CFPB, HIPAA, TCPA, and FDCPA regulations.

Q: Has Vervent been evaluated by a credit rating agency?2020-06-26T12:02:34+00:00

A: Vervent is the only company in its class to be awarded the top Morningstar Credit Ratings’ ranking, which is the highest certification available to assess overall excellence and mitigated operational risk in the servicing industry.

Q: What are Vervent’s investor reporting capabilities?2020-06-26T12:01:54+00:00

A: Our investor reporting can accommodate securitizations and other waterfalls, multi-portfolio roll ups, data warehousing and analysis, and flexible customization options as well as customized reports and processes.

Q: Does Vervent service real estate portfolios?2020-06-26T12:01:12+00:00

A: No, we do not service real estate loans or mortgages.

Q: Is Vervent involved in the Fintech space?2020-06-26T12:00:29+00:00

A: Fintech servicing is one of Vervent’s core competencies and makes up a significant part of our client base. Wework with 80% of the online lending platforms, institutional investors that purchase loans, and industry participants throughout the marketplace lending ecosystem.

Q: What kind of customer service does Vervent offer?2020-06-26T11:59:31+00:00

A: We offer customer support across all industries for medium to large organizations, but specialize in highly regulated, complex industries.

Q: What service levels does Vervent typically provide?2020-06-26T11:58:34+00:00

A: Built for speed and precision, we offer 99.99% uptime, a 96% customer satisfaction rating, Artificial Intelligence analysis on 100% of calls and 98% live agent call quality across all campaigns and queues.

Q: What industries does Vervent serve?2020-06-26T11:57:56+00:00

A: Vervent supports a wide range of asset classes including marketplace lending, Fintech, credit cards, automotive, powersports, healthcare, commercial equipment, small business, home improvement, structured settlement and lottery, and private student loans. We will work within any highly specialized industry with the exception of mortgages and real estate loans.

Q: Does Vervent provide custom solutions?2020-06-26T11:56:51+00:00

A: Yes, we pride ourselves on being able to create customized solutions across our service offerings to best serve existing and futureclients.

Q: What services does Vervent offer?2020-06-26T11:55:55+00:00

A: Vervent sets the standard of outperformance in complex service industries with five core services: Loan Servicing, Lease Servicing, Call Center Services, Backup Servicing and Third-Party Collections under the Activate Financial brand. We also offer supplemental services including document custodial, verification, paying agent and structured settlement and lottery services.

Q: How do agents get trained?2020-06-26T11:54:42+00:00

A: Vervent maintains a large training team that offers onboarding and ongoing training to all our staff. Each of our four operations centers is equipped with a dedicated, highlyeffective training center and practice call center so trainees have the ability to get comfortable with calls prior to graduating to live-agent status. Agents also participate inongoing service, brand and compliance training.

Q: Does Vervent offer service in more than one language?2020-06-26T11:52:10+00:00

A: Yes, our call center agents provide bilingual and bicultural service in Spanish and American English.

Q: Are your operations centers managed in-house?2020-06-26T11:50:02+00:00

A: Vervent built each operations center from the ground up and manages all day-to-day operations of our facilities. Our staff are employees to ensure the highest levels ofservice quality and continuous training and reduce turnover.

Q: How many operations enters does Vervent have?2020-06-26T11:47:57+00:00

A: Vervent operates four state-of-the-art locations, two in San Diego, one in Baja California and one in Portland, Oregon.

Q: Does Vervent offer privatelabel servicing?2020-06-26T11:44:59+00:00

A: Yes! As stealth supporters of your success, our agents integrate seamlessly into your brand to provide service on your behalf.

Q: Does Vervent work with consumer and commercial portfolios?2020-06-26T11:43:12+00:00

A: Yes, we handle consumer and commercial portfolios across all our service lines.

Q: How quickly can Vervent onboard a new client?2020-06-26T11:41:39+00:00

A: Onboarding times vary based on the complexity and risk of the portfolio. Typically, we get clients live between 30-60 days.

Q: How long has Vervent been in business?2020-06-26T11:40:15+00:00

A: Founded in 1986, First Associates Loan Services joined forces with PFSC in 2019 to create Vervent, a brand that reflects our long history of success and encompasses who we are today and the additional world-class services we offer.

Q: What service solutions does Vervent offer?2020-06-26T11:38:00+00:00

A: Our primary services include loan servicing, lease servicing, call center services, and backup servicing. We also have a third-party collections business, offer structured settlement, paying agent and lottery support, and manage a high volume of document custodial and verification services for our clients.

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