Mortgage Filing: Providing a single processing system for operational tracking, printing, and follow up
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The document outlines a consolidated mortgage filing system for operational tracking, aimed at enhancing efficiency through automation and reducing costs associated with manual processing. It highlights various challenges including high processing costs and errors due to inadequate systems, while proposing improvements for scalability and inter-system communication. The goal is to streamline operations while boosting customer satisfaction and reducing the liability for errors in the mortgage filing process.
Mortgage Filing: Providing a single processing system for operational tracking, printing, and follow up
- 1. MORTGAGE FILING Providing a single processing system for operational tracking, printing, and follow up Client: CT Lien Solutions, formerly UCC Direct Many people dream of buying a home of their own, but the high cost of homes generally requires a home mortgage to make it a reality. A mortgage is a loan you obtain to pay for a home and any land it sits on. The home and the land are used for collateral on the loan, which means that if you don't make your payments, the lender can take the home away to cover your missed payments. Mortgage Basics Business Challenges Improve operational efficiency by simplifying and combining work steps. Reduce errors, rework, and costs through automation. Improve the quality of product design by focusing on simplicity and ease-of-use. Customer attrition due to dissatisfaction. Avoid legal ramifications associated with filings not followed up on and subsequently lost. Increased costs as a result of additional staff and error rework. Cost of processing real property orders remains high – the average processing cost is currently estimated at approximately $3.50 per unit partly due to the large headcount required to perform manual functions. The key to reducing this cost is through automation wherever possible, reducing workflow steps, and careful resource management as was done with UCC filings.
- 2. MORTGAGE FILING T/DG Solutions Inability to support a significantly higher volume – currently the system supports an average of 3K filings per month; major increases in volume are not supportable without significant enhancements. Opportunity for error at unacceptable levels – follow up and OOC reports are insufficient, with many tracking functions spread across external utilities Access databases, and Excel spreadsheets. Cost of duplicating processing functionalities and supporting redundant processes – many functions now in MDPS such as follow up reports and dispatch functionality already exist in Verifile; however, up to half of the development costs spent on the Visionet product each year are to develop these same capabilities. Examples of these development expenses include Integrated FedEx labels and alert functionality that will require additional work. Reduce development and support costs. Difficulty in managing complex interdependent systems – many of the functions to be provided will require development both from Visionet and CTLS teams and the resulting functionality must communicate with various external systems such as iLien portfolios, billing tables, JDE/OW interfaces, and printing engines. Providing a single processing system for operational tracking, printing, and follow up. Providing the performance and scale necessary to print and transmit 10K documents each day. Expanding routing functionality to reduce manual effort and provide a consistent, high quality result. Enhancing automated processing and tracking functionality to reduce or eliminate opportunities for errors, omissions, and control gaps. Reducing support costs by eliminating redundant functionality wherever possible. Automating or expanding services provided by Verifile for UCC filings to include RP workflows regardless of input or fulfilment method. Providing ERecordation services for Real Property Filings. Providing scanned images of the Recordings with the Jurisdiction.
- 3. MORTGAGE FILING Technologies Customer Benefits .NET 2.0, .Net 3.5, ASP.NET, C# Web services, Windows Services, AJAX, JavaScript, CSS Oracle 10G IIS 6.0 COM, DCOM Increased customer satisfaction. Learning a new system to process Mortgage orders was unnecessary. Improved quality of the product along with additional capacity and reduce liability for errors and problems. Eliminate the need to perform routine functions among multiple systems. Significantly reduce cost per unit. Increased capacity to ensure at least 5K filings per day. Increased reliability and enhance printing issues by leveraging the ability print to multiple printers. .NET IIS 6.0 CSS WINDOWS AJAX Oracle
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