Automated The Data Indexing And Extraction Process Using MSuite For A Top Mortgage Company
Helping the client improve average TAT and accuracy.
The Client
One Of America's Largest Loan Originators And Servicers
The firm provides loans through wholesale, retail, and correspondent channels.
Founded
2002
Headquarters
Boca Raton, Florida
Licensed In
All 50 States, The US Virgin Islands, The District Of Columbia, And Puerto Rico
The Challenges
The client typically receives thousands of loan packages from various lenders, composed of borrower documents, disclosures, closing documents, and lender checklists, among others. The co-issue team also routinely receives digital data tapes containing specific loan information.
Large fluctuations in incoming loan packages mean that, in general, 90% of the monthly work volume must be completed in less than 2 weeks.
- Once received, the in-house team records all packages on the servicing system and begins the document indexing process, manually verifying that the digital tape data is correct
- The client wanted to make the entire loan boarding process quicker, more seamless and efficient
- The client needed to better manage work volume fluctuations to scale operations
The Solution
Flatworld Mortgage provided a comprehensive solution using MSuite, its proprietary mortgage automation tool.
- 01 The document indexing engine splits the documents and places them in the correct locations in the system
- 02 The data extraction engine extracts specific data from the documents
- 03 The extracted data is compared to the data in the digital tapes
- 04 An exception report flags missing data that needs to be requested from the respective lenders
The Results
70%
Reduction In Average Loan Boarding Time
96% 99%
Improvement In The Overall Accuracy Of The Loan Boarding Process
Up To
50%
Cost Savings Achieved
Greater Scalability In Daily Operations Reduced Human Dependence On The Work Processes