Our mortgage area has decided that they will be taking Zoom calls to take applications and was wondering if there is any regulations or stipulations regarding doing Zoom calls with potential applicants?

Some of my concerns initially were 1) unable to record as we do on phone calls to determine our LO's are using sound practices and relaying information correctly to the potential borrower(s), 2) Since we are unable to record these zoom calls what do we do in case of a complaint do we always side on the customer side of things?

Why can't you record a Zoom meeting?

Was more looking to see if there were risks that are associated with doing Zoom calls with potential clients versus what we have today with a call center. We are not able to record as far as I am understanding like we do for our phone calls. We have to do call monitoring on our calls today, but not sure how you would do monitoring on Zoom calls. This is my main question.

Why would a zoom call be any different than taking an application in person? You do not record those. What additional risk do you think using Zoom creates from an application standpoint?

zoom does allow recording, it just needs to be enabled, so get your IT team to enable it. Outside of that, i'm with Randy, if the applicant comes to a branch today to meet with someone and fill it out, that isn't recorded, so why would the zoom call need to be?

Are these applicants existing customers, or new/potential customers? How are you verifying their identity via Zoom?

How do you handle telephone applications?

How do you handle telephone applications?

An application taken through Zoom, Teams or any other electronic media with a video component must be treated as an application taken in person.

If a Financial Institution accepts an Application through electronic media with a video
component, it must treat the Application as taken in person. However, if a Financial
Institution accepts an Application through electronic media without a video component, it
must treat the Application as accepted by mail. Appendix B to Part 1003.

If the only reason you trust your LOs is because you record everything they do, then the problem isn't with Zoom. If a customer complains, then you should have a complaint policy covering how to handle those situations, but as others have said, I can't see how Zoom would need to be handled any differently than any other customer interaction in person or unrecorded on the phone.