The client is one of America's largest loan originators and servicers. It was founded in 2002, is headquartered in Boca Raton, Florida, and is licensed in all 50 states as well as in the US Virgin Islands, the District of Colombia, and Puerto Rico. The firm provides loans through wholesale, retail, and correspondent channels.
The client typically receives thousands of loan packages from various lenders, with a typical loan package being composed of different documents, like borrower documents, disclosures, closing documents, and lender checklists, among others. The co-issue team also routinely receives digital data tapes that contain specific loan information. Once the packages are received the in-house team records all the packages on the servicing system and begins the document indexing process. The team also manually verifies that the data in the digital tape are correct. Large fluctuations in the incoming loan packages mean that, generally, 90% of the monthly work volume needs to be performed in less than 2 weeks.
The client was looking for ways to make the entire loan boarding process quicker and more seamless. They also wanted to be better able to manage the fluctuations in the work volume so they could better scale operations.
A major challenge is that the client wants to streamline the loan boarding process to make it more seamless and efficient. The client also wants to be better able to manage work volume fluctuations to ensure improved scalability.
We used our proprietary mortgage automation tool, MSuite, to provide a comprehensive solution to the client. MSuite's document indexing engine splits the documents and places them in the correct locations in the system while the data extraction engine extracts specific data from the documents. This extracted data is then compared to the data in the digital tapes. MSuite then creates an exception report flagging missing data that needs to be requested from the respective lenders.
Using MSuite to automate the document indexing and data extraction processes has reduced the average loan boarding time by 70% and improved the overall accuracy of the loan boarding process from 96% to 99%. The client has also achieved as much as 50% in cost savings, greater scalability in daily operations, and reduced human dependence on the work processes.
Flatworld Solutions is an experienced and reliable provider of mortgage support services, as well as extensive mortgage automation services through its proprietary tool, Mortgage Automation Software, to mortgage companies of all hues. We are ISO 9001:2015 accredited and have an extensive team comprising highly experienced professionals with significant expertise in catering to the varied requirements of the mortgage industry. We also make use of streamlined workflows and best practices to provide significant cost savings to our clients.
Contact us now to discuss your mortgage automation requirements and we will be glad to help.