Final Underwriting Team Refresher

MCK Final Underwriter QA Form

Compliance Critical Error (CCE)
Prohibited Conducts (0%)

Compliance Critical Errors (CCE)

Compliance Critical Errors (CCE) encompass errors directly associated with adherence to National, State, or Federal regulations, as well as internal compliance standards defined by McKenzie. These errors hold a zero-tolerance policy due to their significant impact on regulatory compliance and operational integrity.

Areas of Evaluation

4.1 Incorrect notation/data entry into the systems: This refers to inaccuracies or omissions in recording essential information within Salesforce. Any deviations from accurate data entry can compromise the integrity of our processes and regulatory compliance.

4.2 Policy & Procedures - Customer: Errors related to misinterpretation or non-adherence to customer-centric policies and procedures fall under this category. This includes inaccuracies in credit reporting, wire procedures, and net amount calculations, among others.

4.3 Recording line Disclaimer: Failure to include the mandatory recording line disclaimer—“inform you that this line is being recorded”—in each call (Inbound and Outbound Calls) constitutes a Compliance Critical Error. This disclaimer is crucial for regulatory compliance and legal protection.

4.4 Company vocabulary: The use of incorrect or unauthorized vocabulary, such as referring to our products as "loans" and "interest" instead of "financing" and "business-based financing," violates company standards and may lead to compliance issues.

4.1.1 - Merchant's call was not completed by the agent.

4.1.2 - Funding Method and Wire fee field not updated in SF

4.1.3 - References information in the system. (See comments column for more details)

Incorrect notation/
data entry into the systems

Multiple Choice

Imagine you are handling a new business deal over $50K.

What steps do you take to ensure proper notation and reference information recording?

HINT: To get the points in QA.

• Send Merchant call to sup.

  Filled Method and wire fee.
  Use references in SF.

• Complete Merchant call.

  Filled Method and wire fee.

  Properly capture references.

• Use references in SF.

  Properly capture references.

  Send Merchant call to sup.

• Complete Merchant call.

  Properly capture references.

  Filled Method and MTD.

Policy & Procedures - Customer

4.2.1 - Credit Reporting: If M asks the agent if we report to the credit bureau, the agent’s response should be “No”

4.2.2 - Scheduled Wire/ Manual Wire: Did they accurately explain this to merchants? Did they give an accurate timeframe for when the funds will be received?

4.2.3 - Net Amount: If asked, did the agent provide the correct amount?

4.2.4 - Holiday Draft: If asked if we draft on holidays, the agent should explain that we do not but go on to explain that he will be double draft the following day if the holiday falls on a weekday.

4.2.5 - Early Pay Discounts: If merchants ask if there is a penalty in paying early or if we offer any discounts, the agent should go on to review early pay discounts accurately.
4.2.6 - Script: Retail scripted questions were not asked to the merchant.

4.2.7. The agent proactively offered or referred the merchant to a reconciliation/payment plan.

Multiple Choice

A merchant asks about early pay discounts. What would you use to accurately explain this to them?

• Early pay discounts are discounts offered to customers who pay invoices after the due date.
• Early pay discounts are additional charges for paying invoices early.
• Should review and explain to the merchant the accelerated delivery discounts.

• Must inform merchant to contact the closer to get that information.

Recording line Disclaimer

4.3.1 - Recording line disclaimer: “inform you that this line is being recorded” in each call.
(IBC and OBC).

Company vocabulary

4.4.1 - Used the words: loans and interest referring to our product, instead of financing (financiamiento) and business based financing.

Multiple Choice

Why is it essential to use the terms 'Financing' and 'Revenue-Based Financing' instead of 'loans' and 'interest'?

• Using the terms 'financing' and 'business-based financing' instead of 'loans' and 'interest' aligns with industry standards and regulatory guidelines, promoting transparency and clarity in our communication with merchants

• Using terms like 'financing' and 'revenue-based financing' instead of 'loans' and 'interest' mitigates potential confusion and misinterpretation, ensuring compliance with regulatory requirements governing financial services terminology.

• Using terms like 'financing' and 'revenue-based financing' instead of 'loans' and 'interest' sound better and MCA is outdated.

• Using terms like 'financing' and 'revenue-based financing' instead of 'loans' and 'interest' is easier.

Multiple Choice

Why is it crucial to include the recording line disclaimer in every call, both inbound and outbound?

• Records become your protection if you are questioned or challenged.

• Because is required by Sebastian, Pedro and JP.

• We say it just because is scripted.

• For compliance reasons: Federal law requires that at least one party taking part in the call must be notified of the recording.

- CCE adherence to National, State, or Federal regulations and internal compliance standards defined by McKenzie.

- These errors hold a zero-tolerance policy.

-Use financing (financiamiento) and Revenue-based financing when referring to our product.

-Always inform you that this line is being recorded in each call. (IBC and OBC). 

- Provide accurate explanations to merchants.

​Review and Recap