 |
|
|
3 Cedarbrook Drive Cranbury, NJ 08512 (p) 609-452-0700 - Ext: 1119 (f) 609-655-5232 clifford.johnson@visionetsystems.com |
Mortgage Industry News
|
| Contact: Arshad Masood Phone: 609.452.0700 x 1119 arshad@visionetsystems.com Cliff Johnson Visionet Systems Public Relations (609) 409-1063 x 1116 clifford.johnson@visionetsystems.com |
FOR
IMMEDIATE RELEASE 9 AM EST June 23, 2008 |
— MERM is the leading mortgage risk management and reporting solution —
Cranbury, NJ, June 23, 2008 – Visionet’s MERM is a workflow and rules engine based application used to Define, Measure, Analyze, Improve & Control (DMAIC) and report on operational risk performance of a mortgage business. Visionet recently finished an end-to-end rollout of this system at another top 10 mortgage bank. The system is being used to monitor underwriting practices, ensure quality loan origination, track deficiencies and risks, manage repurchases and provide timely information to investors, line managers, loan servicing departments, business partners and agencies through our portals.
Visionet’s leading clients have realized that outsourcing one hundred percent of quality functions like underwriting review, post closing audits, repurchase analysis and collateral authenticity validation has turned out to be disastrous. A few of the big name vendors who provided such services have either gone out of business or changed ownership. It turns out that the systems in place to monitor and track loan quality were simply inadequate. The information collected was piece meal and the lender or investor had no mechanisms to comprehend or measure the risk. Most of the critical information was managed via free flowing spreadsheets with no mechanism to verify, rectify, or track what was being presented as the truth. MERM enables lenders and investors to streamline varied quality and risk management functions spread across secondary marketing, origination, and outsourced services such as title, appraisal, and income verification. It also enforces the corporate risk policy and lending guidelines all the way down to clerk-level positions at the frontlines using smart workflow and rules based technologies. The solution maintains a real-time direct connection between information and collateral and offers foolproof methods to ensure loan origination data, servicing data, and document integrity. The system also enables controlled outsourcing of quality functions with advanced visibility, real-time dashboards, and the ability to pull outsourced processes in-house at the click of a mouse. Six Sigma based dashboards and skill/capacity based work routing features are an integral part of the base solution.
“The Mortgage Industry will need to realize that risk cannot be managed though a better origination or a redressed legacy servicing system. It is the systematic disconnect between origination, secondary, and servicing which creates chaos and perpetuates risk. MERM resolves this gap for the lenders and investors who want to make quality loan originations and profits in the mortgage business, even in today’s market,” said Arshad Masood, President of Visionet.
Cranbury, N.J.-based Visionet Systems is a full service mortgage consulting and business process outsourcing company that delivers products in the best-of-breed philosophy. Using a combination of consulting, metrics-based technology solutions and business process outsourcing, Visionet Systems helps lenders identify and remove inefficient processes to improve profitability. Founded in 1995, the company’s customers include mortgage lenders and servicers.
For more information, visit www.visionetsystems.com
Visionet Systems Inc.
www.visionetsystems.com
3 Cedarbrook Drive
Cranbury, NJ 08512
Phone 609.452.0700
Fax 609.655.5232
mortgage@visionetsystems.com
Arshad Masood
Visionet Systems Inc.
609-452-0700 Ext. 1119
arshad@visionetsystems.com
Cliff Johnson
Visionet Systems Public Relations
(609) 409-1063 x1116
clifford.johnson@visionetsystems.com
