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

Visionet Systems delivers world class business results to the apparel, manufacturing, retail, and wholesale industries through supply chain technology, consulting, and managed services.

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Business Benefits

Consolidate QC Audit systems
Centralized Fraud Repository
Improve security / authority matrix
Enterprise class solution
Consistent data across the applications and teams
Eliminate redundancy work effort amongst departments

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.

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.
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.
Provide a holistic view to the portfolio, vintage, productivity, and open workload for all levels of management using the native tools of our application.
Coordinate subsequent hand-offs, follow up tasks, shared statuses, and dispositions across the enterprise application.
Centralize predictive dashboard visibility and all potential loss pursuit opportunities in one QC system to ensure maximum recovery possibilities and identification.
Prioritize delinquent loan audits based on likelihood of recovery success against Sellers and other Third Parties for maximizing loss mitigation.
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

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.
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