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.

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

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

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

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