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Case Studies

Mortgage

Optimized Foreclosure Processing by Redesigning Legacy System

Client

One of the nation's largest mortgage bankers. It originates, purchases, securitizes, sells and services home loans.

Challenge

The Company had a legacy system for routing foreclosures through a number of processing steps. It was not able to remain up-to-date on changes in regulatory compliance and was experiencing reliability and performance problems. The increased cycle time in processing was exposing the company to unacceptable risks caused by delays and errors in processing. The company faced significant fines due to regulatory non-compliance. There was also a need to provide a Web capability so that the system could be used from distributed locations.

Visionet Systems was asked to develop an optimized foreclosure system that would ensure regulatory compliance, reliability and performance. Visionet was selected for the

Reputation of high quality people
Knowledge of the mortgage servicing industry
Enterprise Application Integration expertise.

Solution

Visionet provided an experienced team to analyze and optimize the various aspects of the foreclosure workflows. The team was able to quickly redesign and significantly improve the productivity of the legacy system. It also helped the customer make the strategic transition to a web-based system built on a more mainstream platform, dramatically increasing the long-term reliability of the system and decreasing cycle time.

Results

The client's results were:

Avoided approximately $200,000 in fines per year
Annual cost savings of $300,000 from decreased cycle times
ROI: 6 month payback on the investment

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