One of US Larger Mortgage Servicers Meets Aggressive Government Deadline Using WRP Partners' developed solution to Automate Compliance Process
The client is an American multinational banking and financial services corporation. It is one of the largest bank holding company in the United States by assets, and also one of the largest mortgage servicers.
Five of nation's largest mortgage servicers have reached a landmark $25 bln deal with Department of Justice regarding what appeared to be instances of improperly conducted foreclosures. DOJ Settlement Link
Our client had to go through more than 100,000 mortgage files and manually ensure compliance or lack thereof with various foreclosure rules. Solution had to be in production in 1 months, facilities were being prepared for 750 new associates to work on the cases, training rooms were booked. Trainers hired, there was no system in place though to facilitate the work.
WRP Partners specialists did the following:
- Documented a compliance process that was quickly approved by the DOJ.
- Built a robust case management and information recording workflow system to support the process.
- Worked closely with internal trainers to develop training materials for the 750 associates being hired for the effort.
- Establish queues, custom forms, workflows, intake procedures, etc.. for the new system and put it in production.
In less than 1 month WRP Partners created a custom application to ensure that client successfully complied with all of the Department of Justice's demands.
- DOJ noted the exceptional quality of this compliance effort by this particular servicer. This has come on the heels of the news coverage decrying failure to implement compliance process at most of the bank's competitors.
- Client successfully met the governments aggressive time schedule
Working with Igor has been a great and exhilarating ride. We were literally saved from wasting tens of thousands of man-hours shuffling spreadsheets, in what would be another death march. Instead, everyone felt ownership in the solution. Working with Igor has been a great learning experience in how you can bring together a team of experts (many of them our internal specialists) to develop a difficult process in a pinch.
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