Flatworld Solutions Helped a National Mortgage Lender Ensure 140% Business Growth in 4 Years
We were approached by a national mortgage lender based in Atlanta, GA. The client specializes in providing traditional and non-traditional mortgage products to clients. Their offerings include conventional loans, government loans, USDA loans, portfolio loans, bank statement loans, and more.
The client is an ever-expanding business entity with two entities that work on various loan types. The client was looking for a reliable outsourcing partner to ensure in-house efficiency, better business scalability, and faster closing cycles.
The Scope of the Project
Mortgage Operations Support
- Initial Disclosures - We reviewed disclosures with the checklist. We looked into fees, ethnicity and borrower information, employment address, verified borrower authorization, MI details, LO details, property tax, HOI, COC, IRS, and SSPL. We also cross-checked the application received dates.
- Submission Disclosures Review - We reviewed the disclosures as per provided disclosure checklist and State Matrix checklists.
- Post-Closing Audit - We reviewed all closing documents with the provided checklist for the secondary market.
- Pre-scrub - We checked initial disclosures and pulled out third-party documents as needed. We ordered flood, fraud, and other checks and oversaw assigning processors.
- Quality Control
- Reverification - Ordered VOE, VOD, transcripts, and field review appraisal in a third-party portal and uploaded them to the folder after receiving the documents.
- Random QC Review - Answered questionnaires for each file and provided insights.
- Funding Support - Reviewed the Funding type, Funds Ordered, Investor Name, Funding Source, and the wire fee as per given instructions
- Pre-purchase Review - We reviewed all the loan documents according to the Delegated and Non-delegated checklists.
- Underwriting -We catered to income, credit, and collateral reviews. We were responsible for clearing conditions and sending the loan to onshore underwriters for CTC.
- Wholesale Pre-scrub - We indexed documents and TPO conditions to respective folders, added comments, and emailed them to the on-shore team upon completion.
Call Center Support
- Virtual Assistance Support for all the branches.
- Voice Support for Appraisal Service - we made outbound calls to appraisers and assigned them tasks according to availability and location.
- Lead Qualification - We handled outbound and inbound calls to qualify leads; we made a warm transfer of such leads to a licensed loan officer.
Encompass Admin - Tier 2 Support and 1st Level IT Support.
Maintain books of accounts for corporate as well as individual branches.
The client offered a wide range of solutions under one roof. They would require a standardized yet flexible operating model to fit their needs. Given the extent of the client's business operations, they would require a special queue to address transactions that require special attention. Also, our team had to have the capability to serve multiple departments within the organization. Overall, the sheer volume of the project was overwhelming, but as a premier mortgage back-office service provider, we were up to the task.
The project was humongous; it came with a unique set of challenges that included the following -
- Owing to the sheer volume of operations, the client needed a standardized yet flexible operating model to meet their needs.
- Besides a general queue for tasks, the client needed a special queue to address transactions requiring special attention.
- They needed a team of capable mortgage back-office experts to handle and coordinate with multiple in-house departments.
We provided fast and effective services to the client. We assembled a team of 60+ experts to cater to the client; we were production ready within 15 days of the sign-up. Within 90 days, our team started handling multiple departments within the client’s operations.
- We created standardization wherever possible and defined the tasks and the steps clearly wherever flexibility was required.
- The special queue was managed by the most experienced staff in our team.
- Our experts took care of disclosures, loan setups, underwriters, and post-closers to ease the workload.
- We enabled quick and efficient mortgage origination for this client and empowered their sales, accounting, and IT teams by handling various tasks.
Business Impacts We Delivered
50% reduction in operational costs on tasks transitioned from their internal team
15-20% savings on tasks transitioned from their existing outsourcing partner
30% reduction in processing and underwriting functions
140% business growth in the last 4 years. The client funded over USD 8 billion in mortgages last year.
The Final Outcome
Our engagement model led to enhanced flexibility and scalability in operations and helped reduce attrition across the sales and operations team. The client started to see value within the first 60 days of partnering with us. Eventually, they scaled their engagement with us and expanded the project. To demonstrate our success, we would like to quote their COO, who said - "When we think about an operational problem, Flatworld is always considered as a potential solution."
Outsource Mortgage Back-office Support Services to Flatworld Solutions
Having a professional company like ours handle your mortgage back-office support requirements helps speed up the process of mortgage processing. We help clients increase accuracy and reduce overhead costs. The benefits of partnering with us include access to full-time processors and underwriters, 99% accuracy in loan underwriting, flexible pricing models, personalized service, reduction in turnaround time, and more. Contact us for a free trial.