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Loan Completion Process

Loan Completion Process. Jay Coomes, Fiserv Joe Dahleen, SME. Established Loan Processing Domains. Considerations: Unit Throughput Production volume fluctuations Origination Regulation Servicing Regulation. Loan Completion: Operational Goals. Loan Origination. Ensure compliance

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Loan Completion Process

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  1. Loan Completion Process Jay Coomes, Fiserv Joe Dahleen, SME

  2. Established Loan Processing Domains • Considerations: • Unit Throughput • Production volume fluctuations • Origination Regulation • Servicing Regulation

  3. Loan Completion: Operational Goals Loan Origination • Ensure compliance • Reduce risk • Improve processor efficiencies • Increase customer satisfaction • Decrease Cost • Ensure Revenue Completion Process Loan Servicing Regulatory Compliance

  4. Loan Completion Process: Tasks Loan Origination • Pre-Close Audit • Post-Close Audit • Trailing Documentation • Document Logging and Tracking • Post Close QC • Recurring Commercial Audits • Confirmation of doc receipt • Loan Audit Delivery • Loan Insurer Delivery • Loan Investor Delivery • Pool Quality Review • . . . Completion Process Loan Servicing Regulatory Compliance

  5. Today’s Results

  6. Current Loan Completion Process: Results • Poor processing and documentation quality • Lack of regulatory compliance • Low customer satisfaction

  7. Loan Completion Process: Environment • Non-standard, Disparate solutions • Home grown tools: • Access Databases • Excel Spreadsheets • PDF Documents • Some specific 3rd party solutions • All are used to accomplish the completion of loan processing! • With expected results!

  8. Standardize Loan Completion Process Loan Origination • Standardization Steps: • Define the overall process • Identify task within each step of the process • Automate as much as possible • Provide for flexibility of an ever changing regulatory landscape Completion Process Loan Servicing Regulatory Compliance

  9. Loan Completion Process Automation Loan Completion Operational Process Package Delivery Verification/Confirmation Tracking Doc Location Quality Reviews LOS Integration & Doc Scanning Capture Track Review Confirm Deliver

  10. Automated Loan Completion Process Yields a successful, trackableand complete transfer of the loan to its Ultimate Destination

  11. Improve loan quality to loan level deficiency and detection Close wasteful gaps in processing and fulfillment Increase warehouse velocity – while avoiding delay and risk Proactive approach to re-purchase risk Increase performance by leveraging technology thus reducing FTE Reduce cost during the lifecycle of the loan

  12. Fiserv’s LoanCompleteSolution • Provides a life of loan solution • Integrates with Fiserv’s loan origination, servicing solutions • Executes standardized workflow processing at each phase • Includes data and document content management • Provides data quality stage gates, audit checks and data element analytics LoanOrigination LoanComplete LoanServicing RegulatoryCompliance

  13. Joe Dahleen [guest speaker] Mortgage Technology Consultant and Chief Strategy Officer [whitepaper on Loan Completion Process]

  14. Another View at the Loan Completion Space

  15. Loan Completion Operational Functions Life of Loan

  16. Loan Completion: Regulatory/Compliance Life of Loan • State Licensing Management • Lawsuit Case Management • CFPB Complaint Processing • CFPB Self Examination – Default Loans • CFPB Self Examination – Core Servicing LoanComplete: Workflows are designed to accelerate business processes, both content and case-based, while reducing costs associated with risk management and regulatory compliance mandates

  17. Compliant Processing – Highest priority outtakes from CFPB

  18. Loan Completion: Loan Origination Life of Loan • Loan Origination Document Routing • Loan Closing Document Routing • Customer Service Case Management LoanComplete: Workflows have been designed to track and react , maximizing the consumer experience and minimizing the processing timeline.

  19. Loan Completion: Quality Control Life of Loan • Investor Delivery • Document Readiness Review • Loan Sale Due Diligence Processes • Pool Allocation Management LoanComplete: Designed to support requirements for providing deep loan level data, remotely viewable documents, standardized packaging and eDelivery.

  20. Loan Completion: Loan Servicing Life of Loan • Loan Servicing Acquisition/Sale Review • Early Default Review • PreForeclosureReview • Payoff Review • Loan Modification Document Routing LoanComplete: Workflows are designed to improve the loan servicing review processes by leading the reviewer thru configurable workflows and routing exceptions for action, reducing risk and costs.

  21. New and Expanded Operational Procedures from CFPB Examination on consumer-facing aspects • Default servicing and foreclosure – including collections, bankruptcy, loss mitigation and foreclosures • Core servicing – including servicing transfers, payment processing, escrow accounts, • Credit reporting and information sharing and privacy Focus is on UDAAP compliance • Timely, clear and accurate disclosures to borrowers, • Proper application of fees and payments, including those associated with foreclosure • Consistent and fair application of loss mitigation and foreclosures related activities, especially where there is judgment applied that could lead to disparate treatment

  22. Loan Completion: Secondary Market Life of Loan • Agency Prefunding QC Audit • Agency Post Closing QC Audit • FNMA/FHLMC Post Close QC – Legal Docs • GNMA Post Closing Review • Pre Loan boarding data validation LoanComplete: Workflows are designed to ensure the quality of each loan meets standards and requirements established by investor, lender and loan servicer, reducing risks and improving processor effectiveness.

  23. The Hiring Strain Problem • Experienced Employee Talent is in high demand • Hiring untrained employees shift pressure to training • Money and Time miss aligned in staff assigned • Capacity planning on Human capital opens gaps Solution • Leverage technology to lower operating cost • Increased efficiency through reduction in manual labor • Minimized time delays with intelligent pre-defined workflow • Simplify audit review with movement of data and documents

  24. Loan CompletionThe New Lending Application Domain • Features – Joe Slide

  25. What’s Next ? Stop by the Solution Showcase to see more about the Fiserv LoanComplete family of Products Ask you Fiserv Representative for more information Read Joe’s Whitepaper defining the Loan Completion Space Attend the PwC session regarding the CFPB and learn how the LoanComplete technology can apply Stay tuned for more on the Loan Completion Space and what Fiserv is

  26. Jay.coomes@fiserv.com 000-000-0000 Jay Coomes jdahleen@comcast.net 206-499-4888 Joe Dahleen

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