The Client
Leading nationwide lender, a subsidiary of a major U.S. banking company, funding over $20 billion in non-prime mortgages
The Issues
- Physically impossible to staff and train for projected loan origination volume increases
- Added volume estimated to increase in-house processing costs by $3 million annually
- Adoption of parent company’s mortgage loan document processing technology deemed cost prohibitive
- Existing infrastructure incapable of handling expected volumes, thus impacting revenue forecasts
The Requirements
- Minimize operational headcount required to processes forecasted loan volumes
- Reduce loan file storage / retrieval / access costs; ensure compliance with regulatory standards
- Decrease mean time to processes closed loans; improve investor sale turnaround
- Improve auditing productivity; reduce related costs
The Solution
- SOURCECORP chosen as outsourcing vendor for:
- customized mortgage loan document and imaging processing; including closing, trailing and finalization papers
- custom throughput rules to meet sustained volume increase projections
- hosted, web-enabled data repository for pre- and post-close loan files
The Results
- Volume projections significantly exceeded plan; all processed smoothly and on time
- Overall cost per processed loan file reduced, saving roughly $216,000 annually
- Avoided copying / copier costs saving $2.5 - $3.1 million per year
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