How long has the company been in business?
The company was established in 1986. In 2016, Mayor Kevin Faulconer commemorated the company’s 30th anniversary by declaring March 2, 2016 First Associates Loan Servicing Day in the City of San Diego.
What services does First Associates provide?
In addition to private label primary loan servicing, 1st-party servicing, and document custodial services, First Associates provides a number of support services, including backup loan servicing, contract verification, and treasury services.
What types of companies does First Associates serve?
First Associates works with a wide range of asset classes including marketplace lending, FinTech, automotive, powersports, small business, home improvement, purchase finance, and student loans.
Do you service all types of student loan portfolios?
No, we do not service Perkins or Federal Student Loans. However, First Associates does service private student loan programs at both for-profit and not-for-profit schools.
Do you service credit cards loans or real estate portfolios?
No, First Associates does not service credit card loans or real estate loans/mortgages.
My company’s requirements are quite complex. Do you provide custom solutions?
Yes, First Associates prides itself on being able to create customized solutions across our service offerings to best serve existing and potential clients. If you have a need please give us the opportunity to discuss a possible solution with you can reach us at 888.486.2509 or firstname.lastname@example.org.
Has First Associates been evaluated by a credit ratings agency?
First Associates is approved by all of the rating agencies and is the only company in its class to have been assigned a MOR RV1 Residential Vendor Ranking, the highest available, as a Consumer Finance Servicer from Morningstar Credit Ratings with a forecast of stable.
The Morningstar ranking included a number of findings, including:
- First Associates pervasive enterprise risk management culture that consists of consumer finance compliance protocols, internal audit, self-risk assessment protocols, quality assurance, call monitoring scoring and feedback, and a robust vendor management oversight program. An extensive training and compliance curriculum promotes both a new hire and continuous learning environment. Comprehensive policies and procedures serve to ensure that employees perform their responsibilities in accordance with industry best practices.
- The company engages a third-party auditing firm to produce a SOC 1 audit report on an annual basis. The most recent report completed in 2016 revealed no significant findings.
- The effectiveness of First Associates servicing platform is evidenced by above-average call center metrics, portfolio volume growth, strong client diversity and minimal client turnover.
- First Associates benefits from a solid technology environment that includes a third-party consumer finance servicing system, a well-defined project management process, effective network security protocols, and a disaster recovery and business continuity plan that leverages the company’s cloud-based infrastructure and multiple office locations for geographic data redundancy and processing.
Is First Associates involved in the online lending/Fintech space?
First Associates works with 80% of the online lending platforms, institutional investors that purchase loans, and industry participants throughout the marketplace lending ecosystem. So FinTech, is a significant part of our capabilities.
How does the company’s technology infrastructure differentiate it from other loan servicers?
While most servicers are disadvantaged by old legacy technology, First Associates utilizes the state-of-the-art technology for our loan management system, payment processing platform and communication platform. We offer a kaleidoscope of digital communication options to reach borrowers, artificial intelligence and human call monitoring and a secure, cloud-based infrastructure to meet the demands of any client.
Does First Associates leverage artificial intelligence?
First Associates has implemented A.I. enabled speech analytics as part of its third-party loan and lease servicing. The speech analytics platform facilitates higher quality customer interactions while ensuring compliance with financial industry regulations. Using speech analytics, First Associates monitors, scores and provides agent feedback on 100% of voice interactions with consumers using data-driven benchmarking. Traditional loan servicing management techniques call for a 1% sample size of voice interactions using human quality assurance agents to assess quality and effectiveness. The company has already seen significant improvements across quality and performance metrics from the implementation.
Is First Associates PCI compliant?
First Associates Loan Servicing has received certification that the company is Payment Card Industry (PCI) Data Security Standard 3.2 SAQ D compliant. The PCI Data Security Standard 3.2 SAQ D provides the very latest technical and operational requirements designed to protect consumer account data. The comprehensive set of standards require merchants and service providers that store, process, or transmit customer payment card data to adhere to strict information security controls and processes.
The PCI DSS 3.2 validation process involves extensive and exhaustive testing and documentation of processes, systems, policies, and infrastructure. The weeks-long process included assuring that all cardholder data is encrypted if stored or in transit and extensively scrubbing all servers to assure that no cardholder data was stored accidentally.
Does First Associates have Privacy Shield certification?
First Associates Loan Servicing has received European Union Privacy Shield certification from the U.S. Department of Commerce. This designation is an assurance that First Associates is compliant with European Union data protection requirements.
Privacy Shield provides a set of robust and enforceable protections for the personal data of European Union citizens, providing transparency regarding how companies use personal data, strong United States government oversight, and increased cooperation with the European Union data protection authorities.
What are your investor reporting capabilities?
Our investor reporting has capabilities for securitizations and other waterfalls, multi-portfolio roll ups, data warehousing and analysis, and flexible customization options as well as customized reports and processes.
What is First Associates’ compliance standard?
Zero discrepancy SSAE-16 audit and industry-leading compliance with all CFPB, TCPA, and FDCPA regulations.