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FUTURE PROOFING MORTGAGE OPERATIONS—GET YOUR PROCESSES DIGITAL READY

Embed intelligence in your operations to exceed expectations of the demanding digital customer.

UNLOCK AND CREATE NEW VALUE ACROSS MORTGAGE VALUE CHAIN

We deliver more than 100 different processes to help leading mortgage lenders and servicers in US be more innovative and efficient. 

It is becoming increasingly difficult for mortgage lenders and servicers to leverage a System of Record as “One Solution for Everything.” Today’s digital customer is challenging traditional models and increasing cost ratios, enterprises are looking to invest in system of engagement and system of intelligence to make their organizations more agile and nimble. Automation plays an integral role in how companies will transform their end-to-end operations to scale and compete in the digital future.

Approximately 60-70% of tasks in mortgage processes across value chain are prep tasks, are logical, replicable and are direct candidates for automation.

Cognizant’s Mortgage practice is focused on future proofing operations for our customers with design thinking, automation, process re-engineering, digitization and pervasive analytics across the entire mortgage lifecycle.

Cognizant Mortgage Services Corporation (CMSC) provides end-to-end and component based mortgage solutions to deliver differentiated outcomes to the mortgage industry. CMSC is a verified financial service provider by Nationwide Mortgage Licensing System and Registry
(NMLS - ID # 1687735).*

SERVICE OFFERINGS

  • LOAN PRODUCTION
    Cognizant’s domain expertise and technology-led solutions supports the customers in qualifying, reviewing and onboarding new loans, thereby streamlining their loan origination capabilities. We offer:
    • Loan setup and onboarding services
    • Loan processing services: indexing, ordering third-party services, document verification and review
    • Underwriting
    • Closing & funding: document preparation, condition clearing, TRID and HUD-1 review
    • Post-closing services
    • Loan audit: quality control and quality assurance
  • DEFAULT SERVICING
    Helping our clients to improve the servicing profitability through an array of solutions coupled with intelligent exception processing. We offer:
    • Acquisition support: data integrity audits and corporate advance/escrow recon and data completion
    • Setup and maintenance services: document management, loan audits and customer correspondence
    • Escrow services: setup, batch analysis, payments, file maintenance, research, returns and refunds
    • Cash and payments: loan accounting, wires and payments, payoff processing and lien release
    • Investor accounting and reporting: loan and property level

INDUSTRY ACCOLADES

Winner Circle in Mortgage-as-a Service
Rated Leader in Intelligent Process Automation
Leader in Digital Services

 

 

SUCCESS STORIES

  • BUSINESS TRANSFORMATION IN 36 MONTHS
    Business Transformation in 36 Months, for a Leading Provider of Information Analytics and Business Services

    Took over and transformed an 8-year-old mature low cost center with 4000+ associates supporting 65+ US real estate processes touching over 15% of the total housing units in US, assisting client to process remittances over ~$92B annually in escrow tax payments. Powered by process re-engineering & automation.

    • Realized scalable and profitable growth with 26% efficiency gains within first 3 years of engagement
    • Implemented 15+ technology & tool interventions and 8+ high impact six sigma projects to reduce operational expenses
    • Innovative deal structuring with robust ARC/RRC based TBP model
    • Funded innovation and invested in transitions, joint Go-to market strategy and imparted flexibility for ramp-ups/ramp-downs
  • HELPED UNLOCK VALUE FOR A TOP 5 MORTGAGE SERVICER IN U.S.
    Helped Unlock Value for a Top 5 Mortgage Servicer in U.S.

    Helping mortgage servicers file claims and recover their spend on delinquent properties (~ $150M per month) from GSEs and other private investors. Transformed claims operations through innovative use of technology across multiple dimensions (inventory management, data aggregation and claims preparation).

    • Delivered ~30% improvement in efficiency, fueled by controlled delivery, automations, process redesign 
    • Reduced financial & reputational risks due to late and inaccurate filings
    • Reduced the tracking effort by 25%
    • Deployed intelligent claims-preparing tool to aggregate expenses as per investor guidelines
    • Inducted automated loss analysis tool with built in logic to reconcile the loan and attribute losses
  • BUSINESS PROCESS AS A SERVICE (BPAAS) FOR LEADING HOME LOAN SERVICER IN U.S.
    Business Process as a Service (BPaaS) for Leading Home Loan Servicer in U.S.

    Deployed a state-of-art invoice document splitting, data extraction & processing solution. Processed over 8.5 million documents over 6-month period with 98% data extraction accuracy. Extended the solution at enterprise level to generate incremental savings.

    • Delivered ~50% reduction in process turnaround time
    • Keyword based data localization algorithms combined with OCR for data extraction
    • Automated splitting individual invoices from a consolidated invoice, using cutting edge artificial intelligence techniques and business rules
    • Improved data extraction accuracy (96-98%)
    • Imparted flexibility to manage volume fluctuations, while adhering to stringent SLAs
  • HARNESSING THE POWER OF AUTOMATION FOR MORTGAGE DIGITAL OPERATIONS
    Harnessing the Power of Automation for Mortgage Digital Operations

    Successful Intelligent Process Automation (IPA) follows an Enterprise Automation led thinking with strong focus on Lean enabled Operating Model design. Approximately 60-70% of tasks in mortgage processes across value chain are prep tasks, are logical, replicable and are direct candidates for automation.

    • Non-intrusive technology intervention to automate repetitive high volume transactions, with staff moving to high value tasks
    • Risk reward framework to drive efficiency
    • Delivered/delivering superior outcomes and faster turnaround time across various mortgage functions, including loan setup, ordering services, Underwriting QA, Post-Closing QC, TRID Compliance, Data Integrity Audits, Verification of 3rd party Authorization, Payoff Quote Generation, Wires, Tax Research, Call QA Monitoring, Claims Processing amongst others

SOLUTION OFFERINGS

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*To learn more and view the NMLS ID, visit the NLMS Consumer Access website. NMLS ID # 1687735. U.S. Toll Free # 844-848-5454.
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