We were approached by a client was a reputed mortgage lender from West Coast. Their vast business network was spread across 20 states across the US. Retail and wholesale were the two areas where the client had excelled.
The increase in work volume and a shortage of resources to handle the workload compounded the problem. This began to cause set back in client relationship and the employee morale was at the lowest point. Therefore, the client considered our expertise for the following requirement -
The project that was outsourced to us required expert evaluation to ensure success by closing the gaps in the client's process. The challenges ahead of us were as follows -
The task was cut out to newly hired underwriters accordingly after evaluating the client's workflow and requirement. The project was assigned to two experienced underwriters. They underwent training by referring to webinars and telephonic conversations. A functional plan was implemented to shore up the performance that was lost as the gap between process widened. The process was executed as per the checklist in the following manner -
Since the client's underwriting efforts were behind the standard policy, we had to ensure compliance with standards by referring a checklist
The client's data was evaluated by our experts to check if the values were reliable and accurate
Off-spec compliances were determined by comparing values with the data provided by the client
We requested for remarks and comment from the client whenever the values mismatched with the recorded data
The updated values were entered in the AUS without committing errors
We monitored the day-to-day income calculation and the same was maintained over an extended period
The collateral was evaluated by making matching with comparable in the neighborhood. We used fact-based data to carry out the task
Wherever income documentation was mandatory we ensured the availability of document to fulfill our service obligation in a consistent manner
The outcome of the project was a success and the client received the following benefits -
Flatworld Solutions is a leading ISO:2015 accredited company that handles outsourced underwriting support for lenders. Our services are meant for lenders as well as financial institutions irrespective of the business size. Our top-tier mortgage services have enabled clients to helped clients to succeed in handling the increased workload and better utilization of in-house team. Our services are scalable, efficient and come with customizable features. This will curtail overspending on service add-ons that you don't need. If you want to know what we charge our clients we'd be glad to help you without charging an upfront fee.
Contact us now and get a free quote for your budget and requirement.