The Client
A Leading US Bank originating residential mortgages
Challenge
- Absence of effective reporting mechanism, resulted in incorrect payments & reporting to investors
- Inability to meet turn time on ‘’Rush recons’’ and priority loans
- Delay in submission of reconciliation reports to investors
- Bring consistency in reconciliation of payments on daily/weekly/monthly reports
Solution & Execution
- Streamlined P&I reports, Amortization excel sheet & Investors Reporting
- Reporting
- Effective use of formatted reports to improve accuracy
- Included payment reversals in the reports
- Reconciled payments that were remitted to the investor, even if they were not received from the borrower, on Actual-Actual Deals
- Updated the reports sent to FNMA with the corrected UPB and due dates
- Amortization spreadsheet developed at the loan level and reports made available with Leadership team
- FNMA quarterly Review Audit
- Reviewed and developed the FNMA audit template for 2 months i.e. September and October 2022
Value Delivered
- Improved investors satisfaction
- Timely submission of reconciliation reports to Investors
- Improved Accuracy resulted in savings of $143K
- 70% decrease in efforts for monthly reconciliation
- Developed and implemented FNMA audit controls with necessary templates and procedures
- Developed standard operating procedures (SOPs) and training videos to assist with future training
