REVERSE MORTGAGE APPRAISAL VALUE EVALUATION
Shortly after entry into the Mortgage industry, Kensium BPO was contacted by a strategic partner in the litigation support vertical to assist with the review of residential mortgage files. This effort was in response to an upcoming discovery matter and the court deadline was compressed and coincided with the holidays when the client was understaffed. Kensium’s Mortgage team was able to dispatch experienced resources to fill in for these resources on short notice and keep the client in compliance.
About our Client: The client is a full-spectrum e-Discovery and litigation support services company with strategic commercial partnerships. With several locations on the West Coast, they have been a partner of Kensium for over 7 years. Since 1980, their client has offered an array of residential mortgage services such as purchasing, refinancing, property rehabilitation loans, and reverse mortgages.
By the Numbers.....
- 2,346 individual mortgage files reviewed for content
- 250,000 data points cross-checked and verified against the client database
- 1,900 man hours dedicated over a 5 week period
- Estimated $40,000 savings when considering domestic Loan Processors
Challenge: The client presented Kensium BPO with a vast spreadsheet detailing supporting data and financial figures for 2,346 reverse mortgages. The end client’s staff had compiled the information over a period of months, but an internal audit revealed that approximately 10% of the entries were still incorrect. Accuracy of the spreadsheet was critical for providing a snapshot on compliance of the loans so Kensium was tasked with performing a 100% quality check of all entries. Each loan file contained more than 50 documents from which over 100 distinct data points needed to be individually verified in the spreadsheet.
Multiple values from HUD Claim forms detailing property expenses incurred by the borrower were to be indexed and calculated based on the type of Claim. In addition to validating the accuracy of the information in the checklist and supplementing data as necessary, the Mortgage Processing team was also responsible for reviewing all supporting documentation and sequencing multiple Appraisals in chronological order.
Solution: Kensium BPO’s Mortgage Processing team created a master database with appraisal dates and property values for all documents related to the 2,346 loan files. Custom calculation sheets were developed for capturing figures from each of the various HUD Claim forms to ensure the accuracy of the Appraisal value. The coding team reviewed the claim forms gathering the necessary figures to yield correct calculations. Senior Quality Auditors followed closely behind the indexing team to make final checks and key completed data into the client’s final spreadsheet.
Results: By developing secondary data tracking documentation and distributing tasks to specialized teams, Kensium BPO’s Mortgage Processing division was able to deliver an accurate final product. In response to shifting requirements, a rolling delivery schedule was facilitated allowing the lender to review partial results while the balance was completed. Deadline compliance and accuracy assurance by trained and certified Mortgage processing professionals at a fraction of the cost of domestic resources; this is the Kensium difference.