Leading Mortgage Firm Solution

Suma Soft Aids a Leading Mortgage Firm with Accurate & Timely Post-Closing Audits

Client’s Background

The client is one of the fastest-growing mortgage lenders, with a year-on-year growth of 20% for the last five years. They have revolutionized the process of mortgage lending with their innovative ideas and processes.

Clients background 1

Project Requirements

With the client’s Mortgage business growing in leaps and bounds, the company was facing a complex challenge in one of its critical Business Processes. This was the -- “closing and post-closing part of the Mortgage loan origination cycle.” Following were the significant issues obstructing a smooth Mortgage loan process...

  • Delays in the closing of the loan process
  • Errors in the process of funding the loans
  • Lapses in documentation
  • Resource-crunch due to the same resource being engaged in closing as well as validating and ensuring the accuracy of the closing documents
Project Requirements 1 1
Project Requirements 2 1

Solution

To tackle the auditing challenge, we set up a team of highly trained and experienced professionals who monitored the loan-auditing process. The team initiated measures to ensure a timely, thorough process of funding the loans.

A process was established to

  • Audit the loans during the night shift in accordance with USA standard time
  • Verified each and every detail in the documentation
  • Ensure all required loan documents are available in the loan package
  • Ensure to follow up for corrected documents, in case missing
  • Take curative action, if required
  • Create a flexible staffing module to handle volume spike and system failures
Solution 1

Business Outcome

Within the designated timeline, Suma Soft produced a new module for effective post-closing Mortgage loan auditing. This helped the Mortgage client to achieve…

  • Effective utilization of the resources earlier employed in validating the closing documents
  • Accuracy in the closed loans, to keep in accordance with Government requirements
  • Identification and correction of the loans with issues
  • Ensure to follow up for corrected documents, in case missing
  • Significant cost-reduction by using off-shore resources
Solution 2 1
Solution 3

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