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Case Study on Back-office Support to a National Lender in South Carolina

O2I Efficient Back-Office Support Ensured 50% Cost Savings for A National Mortgage Lender

The Client

The client is an Atlanta-based reputed national mortgage lender; they provide innovative mortgage products tailored to the borrower's​ home financing needs. Their traditional mortgage products include conventional, government, and USDA loans, whereas their non-traditional products comprise bank statement loans, asset qualifier home loan, and more.

The Requirement

The client approached O2I and partnered with us to ensure greater in-house efficiency. As an ever-expanding mortgage lender with two rapidly growing business entities, the client needed enhanced business scalability and shorter loan cycles.

The Scope of the Project

  1. 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.
  2. 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.
  3. IT Services

    Encompass Admin – Tier 2 Support and 1st Level IT Support

  4. Accounting Support

    Maintain books of accounts for corporate as well as individual branches.

The Challenges

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.

The Solution

We set up a team of 60+ mortgage experts with years of experience dealing with global enterprises and big-ticket conglomerates. We got production-ready within a fortnight of the sign-up. Within 90 days, we were deftly catering to the client’s needs across multiple in-house departments. The solutions we deployed include the following:

  • Ensuring standardization wherever possible. Clearly defining tasks and steps wherever standardization was not an option.
  • Preparing special queues and assigning experienced staff to manage them.
  • Looking into disclosures, loan setups, underwriters, and post-closers to streamline workload.
  • Enabling a quick and efficient mortgage origination for the client
  • Empowering their sales, accounting, and IT teams through impeccable services.

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

We employed a streamlined engagement model that helped the client achieve flexibility and scalability in their business operations. The client could see visible differences in efficiency levels within 60 days of partnering with us. The client was beyond happy with the quality of our services. Over the years, they extended the partnership and the project. The COO of the organization believes that when they "think about an operational problem, Outsource2india is always considered as a potential solution."

Outsource Mortgage Back-office Support Services to O2I

Need help with gathering and compiling appropriate documents after a successful closure? Leverage our end-to-end back-office mortgage back-office services greater accuracy, improved regulatory compliance, and shorter turnaround times. Our services adhere to Fannie Mae and Freddie Mac requirements; we offer title, closing, post-closing, underwriting, loan processing, loan servicing, and reverse mortgage services to big-ticket lenders. Contact us to request a free quote.

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