Ten of the Nation’s Top Mortgage Firms Sign Up for Morf Learning™ with Gamification from Morf Media, Inc. to Make Regulatory Training More Effective and Fun
San Francisco, Calif. January 28, 2015: Morf Media, Inc., developer of Morf Learning, ™ the first mobile cloud platform for enterprise compliance training today announced strong momentum for its pilot for the mortgage and loan sector.
In the month of December 2014, alone, ten of the nation’s top mortgage firms signed up to test-drive Morf Learning, a gamified learning management application.
Feedback from these customers show that Morf Learning transforms the process of corporate training into a simpler, more effective and more enjoyable process for businesses, their partners and their employees.
Plaza Home Mortgage, a top wholesale lender and FirstFunding, a leading warehouse lender, are among those in pilot. They reported positive results. CEO of FirstFunding Jim Dunkerley said Morf Learning offered the company an engaging and measurable platform that provides shorter transition time through the regulatory compliance changes of the mortgage and lending industry. “Morf Learning is scalable, cost-effective and user friendly, and that means we can decrease our time spent on training and increase our time helping our partners increase their business,” added Dunkerley.
The Morf Learning pilot for the mortgage sector offers industry-specific courses on Fair Lending Laws, the new 2015 TILA/RESPA Integrated Disclosure rule, consumer complaint, advertising, loan compensation and other company and industry-tailored policy initiatives.
Demand for Training Accelerates as New Rules Take Effect
The demand for training in the mortgage sector is high. More than 25,000 mortgage firms must show proof of examination for the TILA/RESPA rule which will take effect on August 1, 2015. This rule is among many other ongoing regulatory measures issued by the Consumer Finance Protection Bureau (CFPB). According to mortgage sector training expert and SVP e-Learning at Morf Media, Ginger Bell commented that mortgage lenders know they need to show compliance or face costly penalties and more.
“As the American housing market continues to recover and the banking business gains firmer footing, the CFPB is sharpening its oversight,” said Bell. “TILA-RESPA,a consumer protection measure, is just one of the new mandates. One of the biggest misunderstandings is that this rule impacts only two documents–but with its 1,888 pages and 850 citations, a rule of this magnitude is considered a game-changer.”
Less than 20% Mortgage Firms Surveyed Have Learning System in Place
A recent survey conducted by the National Association of Mortgage Professionals (NAMB) and the Stratmor Group (1), shows that less than 20 percent of its respondents have a learning management system in place. Many of these firms are small and medium size (SMB) companies seeking an affordable, easy to implement solution while larger companies are seeking a better way to engage their employees and track return on investment with their ongoing education initiatives.
Morf Media CEO Eduardo Cervantes commented on the increasing demand for instant, convenient and cost-effective training capabilities beyond the firewall. “Businesses in the mortgage sector and across industry are keenly interested in pilots with Morf Learning for mandatory training anytime, anywhere,” said Cervantes. “Morf Learning is seeing accelerated demand because it transforms costly old school corporate training into an effective process, and according to our customers, a strong return-on-investment.”
Research from Harvard, Stanford and Enterprise Show Gamification Works
Based on research from Harvard, Stanford University, and 3D virtual gaming world lab, Morf Media AG, we designed Morf Learning to transform the effectiveness of corporate training, employee engagement and knowledge retention,” said Rudi Diezmann, CTO Morf Media, Inc. “Our pilot customers are delighted with Morf Learning which is proving to transform the dreaded regulatory training process into a game-like experience.”
With natural language processing and behavior profiling through artificial intelligence, Morf Learning smart data measures user activity, achievement, progress, remediation and manages proof of examination for regulatory audits and more.
Easy to customize content with a MS Word-like framework, courses with gamificiation can be added to the system in under thirty minutes. In comparison to traditional systems which require up to eight hours for new courseware programming, Morf Learning significantly cuts resource and implementation costs. The content is organized in a Learning Management System (LMS) compliant with Shareable Content Object Reference Model (SCORM) for e-learning platforms so Morf Learning can be used for comprehensive training or Morf Spot™ Training for highly discrete training needs.
Delivered as Software-as-a-Service (SaaS), Morf Learning is simple to purchase, deploy and scale. For information about Morf Learning or to try the pilot free, visit www.morfmedia.com.
NAMB and STRATMOR Survey conducted in November, 2014
About Morf Media, Inc.
Morf Media Inc., developer of Morf Learning,™ provides the first mobile cloud platform for enterprise training. Morf Learning turns mission-critical industry and regulatory corporate training into a mobile game-like experience. It’s proving to dramatically increase training engagement and knowledge retention. Morf Learning simplifies performance and proof of examination management. As a secure, subscription-based service for use on mobile devices and Web-connected PCs, Morf Learning is affordable, easy to purchase, deploy and manage as a stand-alone system or integrated with CRM systems like Salesforce, Zoho, Oracle CRM , HRM systems like Kronos or Sage and ERP systems like SAP, Oracle, QAD and Plex. Morf Learning is used for training on regulatory and policy issues, incidental training, on-boarding, performance and change management.
Morf Media, Inc. was founded in 2013 and is headquartered in San Francisco, California with offices in Palo Alto, San Jose and Santa Barbara.
Morf Media customers are Global 2000 companies running in complex or highly regulated environments, and include the finance, oil, mining and gas, and medical sectors. Morf Media is an early stage company with growing revenues and stable investors. The company’s gamification technology received Red Herring’s Top 100 award for innovation.
For investor enquires and more information about Morf Media, please visit: http://www.morfmedia.com.