Leading full service Mortgage Bankers
Enable Reconveyance department to cope with the Refi Boom by Reengineering Reconveyance Application
- Processing Reconveyance in all states in compliance with the State and county specific regulations.
- Tracking and reporting of Reconveyance process
- Setup backward interface with Servicing System
- Setup forward interface with counties and title search companies.
Using Business Process Modeling techniques reconveyance process was translated into optimized workflows consisting of automated, hybrid and manual tasks. This allowed the supervisors to assign, monitor and measure workload at FTEs, Teams and departmental levels.
Business Processes were automated, to pull, translate and populate existing information from upstream systems and translate and push information to downstream systems.
As a result of Business Process Automation, FTE’s are able to handle twice the volume they did before.
Dramatic reduction in the number of Out of Compliance releases.
ROI: 3 Months payback on Investment.
For the reconveyance department, the clock starts ticking from the time the loan is paid-off; documents must be retrieved from the custodian, release must be prepared signed and witnessed, checks for recording fees prepared and final package must be sent out in no more than 10 days in some States. Refi boom has tripled the workload on the Reconveyance departments forcing them to outsource work at a huge cost.
Visionet’s team reviewed and refined the business processes, starting from Payoff to Final Package Sent activity, in an optimum way. This resulted in reducing the Reconveyance time to the minimum allowed by the statutes. Mangers’, Team Leaders’ and FTEs’ work queues are implemented to prioritize work and highlight exceptions.
A database driven Business Engine enables the users to define complex business conditions. These business conditions are associated with the relevant tasks to ensure verification at completion of each task.
Powerful and flexible print engine is implemented for printing of release, assignments and lost notes, with or without signatures.