Mortgage Valuation Company

Read this mortgage valuation report to find out how Flatworld Solutions helped a growing mortgage valuation company to scale up operations, reduce the turnaround time, and experience a 25% increase in business & 50% reduction in cost.

The Customer

A rapidly growing mortgage valuation company specialized in providing mortgage valuation services for both residential and commercial sectors across the U.S, approached Flatworld Solutions for Mortgage valuation services, as he was unhappy with the current mortgage service provider.

The Challenge

The customer approached us at Flatworld Solutions as he was not happy with the mortgage valuation services provided by another service provider, who was handling their appraisal quality checks. The appraisals came from individual appraisers across the U.S, and needed to be thoroughly checked for completeness and quality before being delivered to respective clients. Some of the major challenges faced by our customer included:

Lenders and Brokers expected a quick turnaround time from the customer, which they were not able to deliver in the current scenario
There was an uneven flow of appraisal reports from the customer's appraisers
The customer's Lenders and Brokers set specific guidelines to be followed
A steadily increasing appraisal volume, further made the deliverables difficult to achieve

The Solution

Dissatisfied with his existent service provider, the customer was planning to bring his Quality Checking process in-house. That's when he came to know about Flatworld Solutions through a reference he got from one of his clients. The customer was unsure if an outsourced mortgage services team could handle his services. Hence, he wanted us to handle only a small portion of their overall volume, initially.

At Flatworld Solutions, we started working on the project after conducting an in-depth walkthrough of the customer's current processes. This was accomplished over a few go-to-meeting sessions with the customer. Based on the inputs that we received from the customer, our team created guidelines along with generic instructions, which were used to review the appraisals. Finally, we took steps to improve the quality level, and the turnaround time of the appraisal review and delivery.

The following are excerpts from our winning solution:

We meticulously documented and reviewed the delivery procedure for each of the customer's clients
A dedicated team of appraisal reviewers was set up to accurately review and deliver reports to the lenders across multiple shifts. This ensured a fast turnaround time
We provided the customer with trained and dedicated individuals, who specifically handled the appraisal reviews of the customer's biggest clients
We provided cross-training to our reviewers so that they would be equipped to handle a spike in appraisal volume for any lender
A separate Quality Checking team conducted random checks on the appraisal reviews and delivery process to make sure that our team was adhering to all the guidelines, and customer specific instructions

The Results

The customer was very happy with the services that we delivered, and decided to outsource over 90% of his total work volume to Flatworld. With the increase in quality and the drastic reduction in the turnaround time, the customer was able to restore and improve relationship with his clients. The clients were happy with the prompt and accurate services and started sending in more appraisal orders. With Flatworld's seamless delivery process and quick reviews, our customer was even able to sign up with clients who required stringent Service Level Agreements (SLAs). This enabled our customer to attain a surge in his business growth and profit.

Some of the benefits availed by customer were -

A drastic reduction in the turnaround time required for reviews and deliveries. From a 24 hour time span, we brought it down to less than 2 hours for any type of appraisal file in the queue
A substantial reduction in the number of revision requests received from the lenders
The increase in quality, and the reduction in turnaround time brought in 25% more business from existing clients
Operational costs were slashed by a whopping 40-50%
Capability to quickly scale up operations, and provide services to new customers

Outsource Mortgage Valuation Services to Flatworld Solutions

If your mortgage valuation company also wants to reduce turnaround time, improve on quality and minimize operating costs, our mortgage valuation services can help you achieve all this and more. Have a look at our entire range of mortgage support services to know more about our impeccable services, and go through the rest of our mortgage success stories, to know how our clients benefitted from our services.