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Case Study on Back-Office Support to an Atlanta-based National Mortgage Lender

Outsource2india Deployed 450+ FTEs To Provide Exceptional Back-office Support to A National Lender

The Client

In 2011, we partnered with one of South Carolina's most prominent national lenders. Our robust partnership has bloomed beautifully over the years. It has allowed us to work with a client that funded 30B in mortgages in 2021. With 700 loan officers in 50 States and 4.5K+ employees, the client provides the best loan programs to support communities.

The Requirement

In keeping with their avid growth plans, the client wanted us to help establish a high-touch workflow to close mortgage transactions in less than ten days. It was an ambitious and challenging project, as the industry standard was 40+ days.

The Challenges

A project of such stature came with a unique set of challenges. Some of the creases we had to iron out included:

  • The client's need for optimizing costs and process efficiencies
  • The quick and consistent need for manpower to support the client's mammoth operations and avid growth plans
  • The lack of proper documentation on task segregation and well-defined individual processes and their scope.

Our Solution

The project started with a successful trial run, post which, we approached the gigantic task of re-engineering the client's organization-wide workflow to help achieve their business goal. Our SMEs performed a thorough analysis of the client's existing systems and processes and suggested a step-by-step redesign. We put together a sizeable team to carry out the redesign to ensure that the client had continuous access to trained experts. Our efficient services ensured that scalability is never a concern for the leadership team.

Our Strategic Approach

To meet client goals and deliver on stipulated deadlines, we came up with an idea that involved considerable lifting and shifting. The idea was to provide impeccable mortgage back-office support so that the internal team can focus on delivering great communication to borrowers and loan officers while we do all the heavy lifting. We helped the client to bifurcate the low-mid-high-risk tasks and assign them to us in phrases. This endeavor would give us sufficient time to engulf the knowledge base and ramp up quicker than expected.

The Protect Scope and The Support Metrics

  1. Mortgage Operations Support

    • Disclosures Services - The tasks under this bracket included preparing and sending disclosures, reviewing signed disclosure for completeness, and indexing documents into their respective placeholders. We administered a total team size of 100+ resources.
    • Pre-processing/Loan Setup - We reviewed purchase contracts and other documents. The tasks also included ordering, following up, and completing VOE, Appraisal, Title, HOI, 4506T, and other third-party documents. The team included 100+ trained resources.
    • Underwriting Support - We provided the client with 70+ experts to review collateral and income.
    • Closing Support - A team of 70+ resources helped the client gather fees from settlement companies and prepare Initial Closing Disclosures (ICDs). They would send the ICDs to companies and work on the Change of Circumstances (COC) as needed.
    • Post-Closing Services - 70+ experts deftly delivered post-closing audits, loan delivery, TRID Review, and trailing document management.
  2. Technology & Automation Support

    • Technology Support - We built data warehouses for reporting and other tools like borrower-facing portals.
    • LQI Automation - We automated the entire process of credit monitoring from application to loan closing.
    • Servicing Doc Delivery Automation - The client's sub-servicer wanted documents indexed and packaged in a particular order. However, the LOS was not able to generate the same. We leveraged M-suite to automate the process and helped identify cases of missing mandatory documents.
  3. Finance, Accounting & Payroll Management

    • We deployed a team for bookkeeping, managing AR/AP, and handling payroll calculations including incentives. Overall, we have a team of 450+ people supporting this client across the board, and we continue to expand our relationship.

Business Impacts We Delivered

 40% reduction in operational cost for every outsourced employee
 60% improvement in closing time
 A 10-day closing period for 80% of loans
 25% improvement in customer satisfaction
 100% operational scalability year on year
 1B to 30B in annual funding within 10 years
 Among the top 10 retail independent mortgage bankers in the country

The Final Outcome

This decade-long partnership bears testimony to a successful mortgage outsourcing endeavor. Over the years, the client grew by leaps and bounds. We made operational scalability feasible for the client's internal team. The partnership that started with just 4-5 staff went on to include 450+ FTEs. Currently, the client is one of the top national retail independent mortgage bankers with a 10-day closing promise.

Outsource Mortgage Support Services to Outsource2india

Did you know that outsourcing mortgage services ensure up to 40% faster closings? As your flexible business partner, we automate your business processes to ensure same-day closings. Our end-to-end support services include ordering title reviews, revisiting loan terms, liaising with agents, reviewing closed files, and more. Being an ISO-certified mortgage closing company, we ensure 100% accuracy and absolute data privacy. Outsource mortgage closing services to us for business scalability, better regulatory compliance, and enhanced revenue generation.

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