~ CoC solution may help lenders achieve 50% time savings compared to manual CoC processes~
Edison, NJ. July 27, 2022. Indecomm, a leading provider of lending automation and mortgage services, has partnered with Teraverde, a mortgage FinTech consultant, to launch an automated Change of Circumstance (CoC) solution that eliminates manual work; drastically reduces re-disclosure timeline; and safeguards lender compliance with CFPB regulations.
By integrating Indecomm’s BotGenius™, a collection of pre-built mortgage process robots, with Teraverde’s Coheus®️ CoC Manager, a mortgage business intelligence solution that identifies CoC risk, lenders can automate the full CoC process from risk identification through CoC analysis and re-disclosure.
“Change of Circumstance is one of the most complex, manual, and regulated processes in the mortgage fulfillment value chain,” said Indecomm’s SVP, Automation, Narayan Bharadwaj. “The BotGenius integration with Coheus alleviates and simplifies CoC process complexity and addresses compliance concerns, returning time and peace of mind back to the lender.”
The Coheus/ BotGenius solution seamlessly integrates into the lender’s LOS, evaluates CoC risk using business intelligence, and automates traditionally manual data review, capture, decisioning, and re-disclosure.
In addition to driving an efficient, accurate, automated, and streamlined CoC process, the integration reduces CoC timelines to minutes rather than days, accelerating processing while improving the borrower experience. This comprehensive automation solution delivers the much-needed efficiency and cost savings, especially in a down market where lenders are looking to optimize every dollar and every minute of the loan production process to return to profitability.
This comprehensive automation solution delivers the much-needed efficiency and cost savings, especially in a down market where lenders are looking to optimize every dollar and every minute of the loan production process to return to profitability. Early testing suggests that lenders may generate time savings of up to 50% when compared with a manual process.
“A potential miss in the CoC process could result in pricing leaks, customer dissatisfaction, missed timelines, and compliance violations.,” said Teraverde CTO and Innovation Officer, Rob Peterson. “This new combined solution is a win-win for lenders to eliminate CoC risk and achieve significant time and cost savings.”
Teraverde and Indecomm will introduce the solution in a joint webinar taking place on September 14, 2022, at 1:00 PM EST. Lenders interested in increasing CoC efficiency can register here to learn more.
Founded more than 25 years ago, Indecomm blends intelligent automation with deep mortgage banking expertise to deliver groundbreaking mortgage innovations that help businesses optimize operations and achieve competitive advantage. Backed by a 1500-strong global workforce, Indecomm’s automation-as-a-service approach benefits mortgage organizations, enabling them to offer better borrower experiences by streamlining middle and back-office operations.
Indecomm takes an automation-first approach, partnering with large and mid-sized lenders, servicers, mortgage insurers, and title companies to create efficiencies at every phase of the mortgage lifecycle. Specifically, Indecomm products and services leverage robotics process automation (RPA), supervised automation, and machine learning to tackle the industry’s most complex operational challenges.
Teraverde is a leading provider of high-end mortgage solutions, offering clients innovative, flexible mortgage consulting and related software solutions. Leveraging decades of mortgage banking experience, Teraverde addresses major challenges in mortgage lending and banking, providing process and technology consultation to some of the most reputable organizations in the industry. Through deep analysis of a client’s current operations and a data-driven approach, Teraverde innovates solutions like Coheus to help its clients achieve operational and production excellence and meet long-term financial goals.