Mortgage ssistance enabling a mortgage valuation company meet appraisal service deadline case study www.expertmortgageassistance.com Company
Client Our client is a fast-growing valuation company offering nationwide valuation services in both commercial and residential sectors. Headquartered in Spring, Texas the company operates in 5 major counties of Brazoria, Harris, Galveston, Fort Bend, and Montgomery. Requirements The customer had hired a service provider for checking the quality of appraisals. The provider had in turn assigned the task to individual appraisers across the country who botched up the task and left it in complete mess. s the turnaround time was nearing, the client turned to us for checking the work for quality and completeness. Challenges We took up the task in full knowledge of the following challenges: Maintaining report accuracy Meeting strict deadlines Mortgage ssistance Handling three times the volume of work Meeting lender/broker speci ic guidelines Ensuring resource adequacy Solution fter analysing the samples, we found out that the client s previous service provider had adopted a slap-dash approach to the client s appraisal requirements. They had based most of their valuations on the irst comparable sales. To rectify this, we needed competent appraisers, who could work very hard to get the fair value within the regulations. dditionally, they had to be ef icient enough to meet the client s required turnaround time of 4-6 hours along with a steep accuracy rate of 98%. We built a team, comprising appraisers who were already on our payroll and fresh recruits. We recruited appraisers based on their certi ications, experience, analytic and time-management skills. This way, we complied by the federal requirements of employing only certi ied appraisers. By expanding our team, we ensured we had adequate number of appraisers to meet strict delivery time.
Once on-board, we trained them on the general group of methodologies we use for determining and representing property value, with special emphasis on meeting Condition and Quality ratings as mandated by the law. We acquainted them with the client s guidelines and the current versions of the appraisal report forms for different kind of properties. We also introduced a documented and standardized QC checklist to ensure appraisal review is consistent, transparent and of high standards. The checklist included determining which issues require appraiser revisions, highlight complicated/ ambiguous issues with QC comments, create a hierarchy level for forwarding QC reports, etc. We particularly ensured that issues that required manual check were reviewed through different stages. ll these together helped us meet 98% accuracy with consistency. QC Checklist ge & Condition Market Location Improvement Property Value Neighbourhood Benefits With our help the client was able to meet deadlines sharply, without compromising on the quality of work. This helped them retain the hard-earned trust of their client. Our client was so impressed with our performance that they outsourced 80% of their total mortgage processing work to us. Today, by leveraging our services our client has been able to ensure the following: Turnaround time reduced from 4 hours to less than hours dditional business from existing clients increased by 5% bility to scale and take on new customers Drastic fall in lender revision request Operations cost reduced by 40%
Graphical View of Benefits 7 6 Days 5 4 3 1 0 79% 4 Be e for Screening EM Veri ication Reduction in TT M re te f pproval Fall in Operating Costs
bout us Expert Mortgage ssistance (EM), a division of the Flatworld Solutions group, has over 10 years of experience in providing comprehensive mortgage support services to merican lenders and financial institutions from offshore locations spread across 8 global delivery centers. We specialize in providing end-to-end support in loan servicing solutions (FH, V and Conventional loans) for the residential and commercial mortgage markets. Over the years we have served more than 00 lenders and financial institutions of, including two of the world s largest top-tier mortgage lenders. INDI US Flatworld Solutions Pvt. Ltd Flatworld Solutions Inc., Level 1&, Corporate Court, No. 15, Infantry Road, Bangalore - 560001. sushant.a@flatworldsolutions.com 116 Village Blvd, Suite 00, Princeton, NJ 08540. Tool Free number 1-855-4-6855 www.expertmortgageassistance.com Mortgage ssistance Company