loan completion process

© 2012 Fiserv, Inc. or its affiliates.

Loan Completion Process

Jay Coomes, FiservJoe Dahleen, SME


Considerations:

• Unit Throughput

• Production volume fluctuations

• Origination Regulation

• Servicing Regulation

Established Loan Processing Domains

Loan Origination

System

Regulatory Compliance

Solution

Loan Servicing System


Loan Completion: Operational Goals

• Ensure compliance

• Reduce risk

• Improve processor efficiencies

• Increase customer satisfaction

• Decrease Cost

• Ensure Revenue

Loan Origination


Loan Servicing

CompletionProcess


Loan Completion Process: Tasks

Loan Origination


Loan Servicing

CompletionProcess

• 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

. . .


Today’s Results


• Poor processing and documentation quality

• Lack of regulatory compliance

• Low customer satisfaction

Current Loan Completion Process: Results

Loan Origination


Loan Servicing


• 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!

Loan Completion Process: Environment

Loan Origination


Loan Servicing


Standardize Loan Completion Process

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

Loan Origination


Loan Servicing

CompletionProcess


Loan Completion Process Automation

LOS Integration & Doc Scanning

Capture

Verification/

Confirmation

Confirm

PackageDelivery

Deliver

Tracking Doc

Location

Track

QualityReviews

Review

Loan Completion Operational Process


Automated Loan Completion Process

Loan Originatio

n Syste

m

Regulatory Compliance Solution

Loan Servicing

System

Yields a successful, trackable and complete transfer of the

loan to its Ultimate Destination


• 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


LoanComplete

LoanServicing

LoanOrigination

RegulatoryCompliance

• 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

Fiserv’s LoanComplete Solution


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


Another View at the Loan Completion Space


Regulatory/Compliance

Loan Origination

Quality Control

Loan Servicing

Secondary Market Sale

Life of Loan

Loan Completion Operational Functions

© 2012 Fiserv, Inc. or its affiliates. 17


Loan Origination

Quality Control

Loan Servicing


Life of Loan

Loan Completion: Regulatory/Compliance

• 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


Compliant Processing – Highest priority outtakes from CFPB

© 2012 Fiserv, Inc. or its affiliates. 19


Loan Origination

Quality Control

Loan Servicing


Life of Loan

Loan Completion: Loan Origination

• 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.



Loan Origination

Quality Control

Loan Servicing


Life of Loan

Loan Completion: Quality Control

• 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.



Loan Origination

Quality Control

Loan Servicing


Life of Loan

Loan Completion: Loan Servicing

• Loan Servicing Acquisition/Sale Review

• Early Default Review

• PreForeclosure Review

• 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.


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



Loan Origination

Quality Control

Loan Servicing


Life of Loan

Loan Completion: Secondary Market

• 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.


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


Loan CompletionThe New Lending Application Domain

Features – Joe Slide • • • • • • • •


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

Connect With Us

[email protected]

000-000-0000

Jay Coomes

[email protected]

206-499-4888

Joe Dahleen

loan completion process

Documents

closed loan

loan completion space

loan processing domains

d glasses

processing postclose

unit volume

d movie

traditional linear process