Case Study 1
Doc Library Search Automation
Client: Mortgage Servicer
Issue Description
- 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 nonproductive 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 2
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
- Significantly high costs for file review operations
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 3
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 4
Loan Admin - Loan Boarding Audit – Training Manual Design
Client: Mortgage Servicer
Issue Description
- The process manual used for initial training was long which made it difficult to refer/ locate important pieces 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 5
Loan Admin - Loan Boarding Audit – Training Manual Design
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 a few hundred loans to 30K in 6 months
Nexval Solution
- NEAT Study to layout offshoring roadmap
- Deploy SME to ensure seamless knowledge transfer
- 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 6
Client: Mortgage Servicer
Issue Description
- 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 a 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 checklist leading to productivity & Quality gains
Value Add Delivered to the Client
- Efficiency: With the option of multiple searches 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 7
Client: Mortgage Servicer
Issue Description
About the 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 8
Client: Mortgage Servicer
Issue Description
- 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, Noncompliance, and Customer Dissatisfaction
Nexval Solution
Nexval designed a two-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 9
Client: Mortgage Servicer
Issue Description
About the 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
- 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
Property Preservation Case Study
Issue Description
The client required a cost-effective solution, professional property preservation and an inspection team to perform quality control as well as reduce turnaround time.
Nexval Solution
- Nexval deployed its team to seamlessly manage all requests received on the linked platform. Our team of experts took over the process by reviewing the inspection orders, performing the photo QC, analyzing the comments and citing exceptions. We ensured efficient and fast processing of the Inspection work orders in the client’s system.
- The Nexval team then validated the work order after viewing the photos and monitoring the status of the property for completing the task with the necessary comments. The client was not only able to effectively manage their properties but also realized significant cost savings.
Value-Add Delivered to the Client
- Accuracy of the SLAs was surpassed
- Productivity count increased by 100%
- 100% Turned-Around-Time (TAT)
Technology Case Study
Automation - Automation & Process Re-engineering
Issue Description
About the process : Process high-volume transactions of US Public Records, non-integrated various applications and dependency on human employee to perform repetitive processes.
Nexval Solution
- Automate image download from FTP
- Automate nomenclature specific folder creation
- Automate job creation and allocation Indexing and data extraction
- Automate entire process
- Make data available for QC without human intervention
Value-Add Delivered to the Client
- Embed rules to ensure high level of accuracy
- Automate PostgreSQL schema generation for ingestion
- Legacy integration
Mortgage Origination Case Study
Loan File Review - Inflow Management
Issue Description
About Process : Review Loan File for Completeness and Accuracy and identify missing documents for adherence to guidelines
- Lack of predefined KPIs related to Quality, Productivity, Turn-Around-Time, leading to lack of performance visibility to Sr. Management
- Manual spreadsheet-based checklist leading to errors in the process
- Significantly high costs for file review operations
Nexval Solution
- Nexval leveraged our expertise by establishing a standard Document Dictionary in Loan Fulfillment Life Cycle
- 800+ doc types were identified and defined with respective naming conventions in our client consultation
- Defined end-to-end process flow for Loan Document Indexing and Stacking function
Value-Add Delivered to the Client
- Application of Six Sigma & Lean methodologies to define, track, measure and report Key Performance Indicators (KPIs) for Productivity, Quality, Turn-Around-Time
- Automated web-based Portal check list to perform Loan File Review
- Robust Management Dashboard to gauge process/associate performance on Quality, Turn Around Time & Productivity
- Cost savings by implementing off-shore resources
Title Services Case Study
Issue Description
- About Process : The customer is one of the leading Title Service providers within the U.S. Residential mortgage space. The function involved is opening orders in the customer’s system
- Business Challenge: The Order Entry function required capturing specific Borrower information and keying it in the customer’s system
- The quality of the function suffered considerably due to oversight errors
Nexval Solution
- Nexval’s NICE platform aimed at continuous training and skill enhancement
- SBS QC methodology was deployed to check for real-time issues
- As a long-term Transformation project, Nexval deployed it’s “DocuChief” tool to automate the process of Order Entry
- DocuChief identifies and keys the exact information from the 1003 form thus reducing the dependence on human effort and increasing quality
Value-Add Delivered to the Client
- Quality level of 99.8% achieved within 3 weeks of deployment of the “DocuChief” too
- Human Effort reduced by 75%
- TAT enhanced by 60%
