Mortgage Ass is tance

case study

www.expertmortgageassistance.com

enabling a mortgage valuation company meet appraisal service deadline

CompanyA

ClientOur client is a fast-growing valuation company offering nationwide valuation services in both commercial and residential sectors. Headquartered in Spring, Texas the company operates in 5 major counties of Brazoria, Harris, Galveston, Fort Bend, and Montgomery.

RequirementsThe customer had hired a service provider for checking the quality of appraisals. The provider had in turn assigned the task to individual appraisers across the country who botched up the task and left it in complete mess. As the turnaround time was nearing, the client turned to us for checking the work for quality and completeness.

ChallengesWe took up the task in full knowledge of the following challenges:

Maintaining report accuracy

Meeting strict deadlines

Handling three times the volume of work

Meeting lender/broker speci�ic guidelines

Ensuring resource adequacy

Mortgage Ass is tance

SolutionAfter analysing the samples, we found out that the client’s previous service provider had adopted a “slap-dash” approach to the client’s appraisal requirements. They had based most of their valuations on the �irst comparable sales. To rectify this, we needed competent appraisers, who could work very hard to get the fair value within the regulations. Additionally, they had to be ef�icient enough to meet the client’s required turnaround time of 4-6 hours along with a steep accuracy rate of 98%.

We built a team, comprising appraisers who were already on our payroll and fresh recruits. We recruited appraisers based on their certi�ications, experience, analytic and time-management skills. This way, we com-plied by the federal requirements of employing only certi�ied appraisers. By expanding our team, we ensured we had adequate number of appraisers to meet strict delivery time.

QC Checklist

Once on-board, we trained them on the general group of methodologies we use for determining and representing property value, with special emphasis on meeting Condition and Quality ratings as mandated by the law. We acquainted them with the client’s guidelines and the current versions of the appraisal report forms for different kind of properties. We also introduced a documented and standardized QC checklist to ensure appraisal review is consistent, transparent and of high standards. The checklist included determining which issues require appraiser revisions, highlight complicated/ ambiguous issues with QC comments, create a hierarchy level for forwarding QC reports, etc. We particularly ensured that issues that required manual check were reviewed through different stages. All these together helped us meet 98% accuracy with consistency.

Location

Market

Age & Condition

Improvement

NeighbourhoodProperty Value

BenefitsWith our help the client was able to meet deadlines sharply, without compromising on the quality of work. This helped them retain the hard-earned trust of their client. Our client was so impressed with our performance that they outsourced 80% of their total mortgage processing work to us. Today, by leveraging our services our client has been able to ensure the following:

Turnaround time reduced from 24 hours to less than 2 hours

Drastic fall in lender revision request

Operations cost reduced by 40%

Additional business from existing clients increased by 25%

Ability to scale and take on new customers

Days 79%

Reduction in TAT

Before EMA

After EMA0

1 0.50.5

0.5

2

2

2

3

4

5

6

7

4

Screening

Veri�ication

Approval

A Graphical View of Benefits

Fall in Operating Costs

Flatworld Solutions Pvt. LtdINDIA

Level 1&2, Corporate Court,No. 15, Infantry Road,Bangalore - 560001.sushant.a@flatworldsolutions.com

Flatworld Solutions Inc.,USA

116 Village Blvd, Suite 200,Princeton, NJ 08540.

CompanyA

Expert Mortgage Assistance (EMA), a division of the Flatworld Solutions group, has over 10 years of experience in providing comprehensive mortgage support services to American lenders and financial institutions from offshore locations spread across 8 global delivery cen-ters. We specialize in providing end-to-end support in loan servicing solutions (FHA, VA and Conventional loans) for the residential and commercial mortgage markets. Over the years we have served more than 200 lenders and financial institutions of, including two of the

world’s largest top-tier mortgage lenders.

About us

Tool Free number

1-855-224-6855www.expertmortgageassistance.com

Mortgage Ass is tance