Lender / Servicer Enterprise Class Project

Case Study: Consolidate QC Audit systems into one centralized Quality Control System & Centralized Fraud Repository

Client: Top 10 Mortgage Banker

Existing Application

• Departmental Microsoft Access Databases
• Dependent Excel Sheets to the Access Databases
• Loan Origination Systems
• Loan Servicing System
• File Room control Applications
• Enterprise Imaging System

The Challenges

There are numerous ACCESS and EXCEL databases that reside within the focus groups which are leveraged as daily productivity systems for the business units:

• Not an enterprise class solution
• Lack Security / Authority Matrix
• No interfaces, redundancy, or back up
• Automated reconciliation amongst the ACCESS “farm” doesn’t exist and is coordinated via excel spreadsheets and emails. Therefore, most of the communication happens via email and conversation logs. Systems are cumbersome to update/recap, thereby preventing an efficient feedback loop to all groups and parties involved with the Audit and its results.
• Data is inconsistent across applications and teams
• Everyone has their own version of the “truth”
• Early warning and automated detection is not possible because of the work backlog
• Duplication of work effort amongst departments

Key Objectives

Consolidate QC Audit systems into 1 centralized Quality Control and Investigation System, VisiLoanReview.

1. Automate business workload “beginning to end” starting at the beginning of the QC lifecycle: Pre-Funding Review, Random Sampling, Underwriting Quality Review, Suspected Fraud, Delinquency, Loss Mitigation, and Recovery.
2. Introduce enterprise repository for storing and globally reporting all audit findings, tasks, and ongoing investigations (including workload delegation) across multiple organizations, skill sets, and teams.
3. Provide a holistic view to the portfolio, vintage, productivity, and open workload for all levels of management using the native tools of our application.
4. Coordinate subsequent hand-offs, follow up tasks, shared statuses, and dispositions across the enterprise application.
5. Centralize predictive dashboard visibility and all potential loss pursuit opportunities in one QC system to ensure maximum recovery possibilities and identification.
6. Prioritize delinquent loan audits based on likelihood of recovery success against Sellers and other Third Parties for maximizing loss mitigation.
7. Develop formalized feedback loop within a correspondence portal to automatically syndicate the sharing of QC information, “lessons learned”, and key findings throughout the enterprise
   

Centralized Fraud Repository Project

1. The purpose of this additional project is to introduce a company-wide “confirmed fraud” repository where loan production, post-closing, servicing, third-party approval teams, pursuit, secondary marketing and other applicable parties will be able to reference the information repository when confirmed misrepresentation and fraud has been identified at any point during the loan’s lifecycle by Closing Agents, Appraisers, Brokers, Correspondent Lenders, Borrowers, and Realtors.
2. Developed Fraud Hunting process for automated queries to identify potential fraud involving loan originators and other Third Parties within in the loans in process, loans in QC, and servicing.

Technology

• Microsoft .NET 2.0 Framework
• Microsoft SQL Server 2005
• Web-Services Integration
• EMC’s Documentum

Impacted Business Lines

• Contract Administration
• Quality Control
• Audit Response and Due Diligence
• EPD Communication & Tracking
• Post-Closing; AVM order, documentation and retention
• Enterprise Loss Modeling
• Investor Repurchase Administration
• REO
• Seller Eligibility Group

Number of Users
Employees: 300

Project Duration
1 Year

Project Effort
15,000 Hours

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