Case Study 01
Doc Library Search Automation

Client: Mortgage Servicer

Issue Description

About the process:

The Document Library is used by multiple teams to search varied document types for conducting further review

The present layout of the Document Library made the navigation and retrieval of documents a tedious and time consuming task leading to non productive utilization of the resources

Nexval Solution

As a short term solution, Nexval SME’s trained the resources on keyboard shortcuts to browse faster through the library and effectively utilize the keyword search option to track and retrieve the correct document

Transformation Offering: To enhance the customer value quotient, Nexval bolted its DocuChief tool with the Document Library to conduct array scans which can effectively retrieve documents based on predefined logic. The tool was also designed to extract the key piece of information from the retrieved document to ensure faster validation

Value Add Delivered to the Client

Increased productivity level

Reduced human effort

Reduced TAT

Higher accuracy

Reduced QC effort

Case Study 02
Loan File Review – Automation & Process Re-engineering

Client: Mortgage Originator/Servicer

 

Issue Description

About the process: Review Loan File for accuracy and identify missing documents for adherence to guidelines.

  • Lack of predefined KPIs related to quality, productivity, and turnaround time leading to lack of performance visibility to Sr. Management
  • Manual spreadsheet-based checklist leading to errors in process
  • Significantly high costs for file review operations

Nexval Solution

  • Deploy Six Sigma Certified Experts to review process gaps and recommend an optimized operating model.
  • Implement Nexval Group’s Affiliate software product – VQ Audit and establish a system driven checklist leading to productivity & quality gains

Value Add Delivered to the Client

  • Deploy Six Sigma Certified Experts to review process gaps and recommend an optimized operating model
  • Implement VQ Audit, Nexval’s Group Affiliate software product, to establish a system-driven checklist leading to productivity and quality gains
Case Study 03
Loan Admin- Data Indexing and Extraction

Client: Mortgage Servicer

Issue Description

About the process: The process involved manual extraction of data from the package and boarding all info to the servicer system.The process included entire manual effort which led to higher time and errors.

Nexval Solution

  • Nexval deployed its proprietary DocuChief system that automatically Indexes and Extracts key pieces of info replacing manual effort and reducing errors.
  • The files can be electronically converted and uploaded to the servicer system with the tap of a button

Value Add Delivered to the Client

  • 37% increase in efficiency
  • 43% reduction in error rate
  • Reduced TAT
Case Study 04
Loan Admin  – Loan Boarding Audit – Training Manual Design

Client: Mortgage Servicer

Issue Description

About the process:

  • The process manual used for initial training was long which made it difficult to refer/ locate important piece of information during live file processing.
  • Such extensive manuals also led to difficulties in new resource training

Nexval Solution

  • Nexval designed a miniaturized version of the process manual covering all aspects of the loan boarding process
  • A miniaturized version led to faster reference and shorter training cycles

Value Add Delivered to the Client

  • Average 30% reduction in training time
  • Training efficiency increased by 18%
  • Faster deployment of resources to the project
  • Easy reference to critical process info leading to higher output and approx 8% reduction in errors
Case Study 05
Offshoring Solution for scaling NPL/ MSR Portfolio

Client: Mortgage Servicer

Issue Description

About the process:

An emerging mortgage servicer was challenged to  scale NPL portfolio from 5K loans to 60K loans in 24 months and MSR loan portfolio from few hundred loans to 30 K in 6 months

Nexval Solution

Seamless Transition :

  • NEAT Study to layout offshoring roadmap
  • Deploy SME to ensure seamless knowledge transfer

Swift Stabilization

  • Publish weekly/monthly Dashboard & Scorecards to gauge Nexval’s performance on SLAs
  • Nexval Sr. Management involved at every stage of engagement.

Transformation Initiatives

  • Deploy Nexval’s exclusive BEST ( Business Excellence Solution Tool ) to optimize training, productivity, quality & Turn Around Time

Value Add Delivered to the Client

  • Condensed timelines for scaling operations
  • Upfront visibility of cost savings and robust roadmap to  achieve the same.
  • $3.7 M approximate cost savings realized by the client since the engagement  in 2013.
  • $0.25 M approximate cost savings realized by the client as result of leveraging   Nexval’s Transformation initiatives.
Case Study 06
DMS Search

Client: Mortgage Servicer

Issue Description

About the process :

  • DMS is a Document management system and repository.
  • The system lacks some key features like searching Multiple documents at a given time.
  • High degree of latency
  • The system is used across multiple  departments. Some departments spend significant amount of time to locate documents.

Nexval Solution

  • Deploy Six Sigma Certified Experts to review process gaps and recommend an optimized operating model.
  • Implement Nexval Group’s Affiliate software product – VQ Audit and establish a system driven check list leading to productivity & Quality gains

Value Add Delivered to the Client

  • Efficiency: With the option of multiple search across multiple loans, the function witnessed an efficiency gain between 45%-50%
  • TAT : Faster Turn Around Time.
  • Productivity : An increase in productivity was witnessed by integrating the application with PDF Editor..
Case Study 07
Payoff Quotes Automation

Client: Mortgage Servicer

Issue Description

About Process  : Payoff  Processing  team is responsible for processing the payoff requests received from internal departments and external parties

The team witnessed lower accuracy levels owing to complex calculations  along with lower daily productivity count

Nexval Solution

Transformation Initiative

Nexval deployed its Payoff Processing module linked with DocuChief to seamlessly manage all requests received. The tool will validate all the incoming requests and automatically generate acknowledgement letters, calculate recon fees, corp & escrow advances and populate the servicing platform with the necessary comments.

Value Add Delivered to the Client

Reduced FTE count by ~42%

Accuracy SLA overachieved

Productivity count increased by 100%

QC effort decreased by 50%

Improvement in TAT

Case Study 08
Mailbox Management

Client: Mortgage Servicer

Issue Description

About the Process:

The Mailbox Management team is responsible for reviewing requests/ queries received in various designated inbox from various parties

Post Review, the team is required to route the requests to the designated teams to provide resolution

The process of segregating and allocation required extensive human effort which could have been directed towards important functions

There was no visibility on the resolution process or the escalation procedure which let to Delays, Non Compliance, and Customer Dissatisfaction

Nexval Solution

Nexval designed a 2 pronged strategy to seamlessly manage the function:

  • Self Service Platform
  • Advanced queue management platform

Self Service platform was designed to provide resolution for most common issues without the need to raise a request

NexQ was linked with DocuChief to automatically identify and segregate issues raised based on the content and field selection. The system would automatically route all such requests to the concerned departments and keep a log of the resolution time frame with active triggers to handle escalations

Value Add Delivered to the Client

Reduction of assigned FTE’s by 85%

Route TAT optimized by 10%

Timely resolutions increased by ~53%

Escalations reduced by ~62%

Adherence to CFPB compliance

Case Study 09
Mod System Update

Client: Mortgage Servicer

Issue Description

About Process  : Payoff  Processing  team is responsible for processing the payoff requests received from internal departments and external parties.The team witnessed lower accuracy levels owing to complex calculations  along with lower daily productivity count

Nexval Solution

Transformation Initiatives

DocuChief: Nexval to leverage its BEST & DocuChief tool to  effectively manage the modification functions. BEST tool is a checklist based system that helps assist with the document review process within the loss mitigation function. BEST combined with DocuChief helps the processor  automatically identify the document requirement, conduct Faster and Accurate reviews by locating the exact information, and consolidate the findings, pending docs along with populating necessary comments for the entire batch on the click of a button.

Value Add Delivered to the Client

Reduced FTE count by ~42%

Accuracy SLA overachieved.

Productivity count increased by 100%

QC effort decreased by 50%

Improvement in TAT.

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