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...

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