Indecomm’s client is one of the leading vendor management companies providing appraisal, title, and settlement services to the top lenders across all 50 states, and has been servicing the real estate finance industry for over a century.
The client provides title insurance policies to individual customers, mortgage lenders, businesses, and government entities through direct operations and independent title agencies. Their average closing volume is 3,500 transactions per month. They have maintained the highest title insurer rating in the nation since 1992.
As a result of the volatile cyclical business environment, the client had an immediate need to reduce overhead and staffing costs. These resource constraints prompted the client to seek out solutions that drive audit efficiency. The client’s core objective was to ensure timely delivery of closed loan documents while effectively managing high levels of notary errors that often cause delays in funding loans. The client required a streamlined shipping process to receive and send a high volume of documents to lenders and to recording jurisdictions each day.
Solution Summary and Key Benefits
Indecomm put in place a team of contract auditors and support staff to accommodate the volume fluctuations while allowing the client to attain a low variable costs per order vs. a high fixed cost. Using its proprietary document management and audit platform, the client gained complete access and visibility to documents from receipt of files to delivery of documents to the recording jurisdictions. Additionally, Indecomm implemented a physical and electronic document stacking and audit process based on the client’s customers (lenders) specific checklists.
- Comprehensive audit process enabled better error tracking and identification of missing critical documents
- Seamless access of audited documents enabled the client and their customers to review within hours of being received
- Timely audit reports significantly reduced loan funding delays
- Custom reporting based on clients needs improved the speed and accuracy of decisions
- Indecomm’s client realized immediate costs reductions
- The client experienced an increase in document quality and improved turnaround times to fund loan transactions, which improved customer satisfaction
- The client was able to use its resources to focus more time on customer-facing tasks to proactively manage their customers’ expectations