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