Mortgage Industry Services

The Challenges

  • The mortgage industry by nature is cyclical. Volumes increase based on interest rate behavior and the typical reaction to these fluctuations is to add people. Brute force!

  • The MBA at the end of 2013 stated the cost from Origination to Closing increased up to $6,368 per transaction with Lenders on average netting about $900 per closed file. The additional mandates from the Regulatory entities further push the cost higher and higher tomanufacture a loan through closing.

  • With interest rates falling, loan volume increases dramatically resulting in additional personnel to be hired. The lenders are competing for the same personnel resulting in competition and higher wages. The low interest rates stabilize and then start to increase and the loan volumes dwindle. Personnel are laid off and the cycle starts all over again. There are so much calories burned in this cycle. The best organizations typically carry an extra 30% staffing level to be able to meet the demands of the market fluctuations.
 

Customer Problems

Our typical customers are those that have put considerable money and mental energy in to cutting costs and improving operations; but their clients still aren't happy, the process is still not speedy, and their employees are disengaged.

They are working in too many disconnected systems with no end in sight.

Labor and talent issues, Affordable Care Act, contingent liability around unpaid overtime, time to train and ramp up new hires, emotional implications around laying off co-workers when volume wanes.

Some Stumbling Blocks

There are many pitfalls in the mortgage process that slows down the progression of the file:
  • things are missed

  • mistakes are made

  • items overlooked

  • events forgotten
 

SafeBoxIQ

Is the Product Service System of Cybersoft, which is a mix of Business Process Outsourcing (BPO), data management and application tools necessary to support the different stages of the Mortgage Loan Process.

Our process specializes in keeping process owners operating within their specific lanes i.e. sales people selling, processors processing. As an example, the Originators now have the ability to focus more on Sales, Marketing and DB management.

We are an end-to-end solution that is extremely simple to use and complements previous investments in LOS, CRM or personnel. Additionally from a QC point of view, there are gap analysis performed at each stage of production.

Our service provides your employees the balance and focus enabling them better utilization of time. The outcome results in the best return for the Lender since the cycle time to close is reduced. The quality of the file improves because nothing is missed, the capacity of the process owner increases due to the elimination of the mundane activities done by the service. The system is completely transparent, open and accurate since the transaction is being monitored very closely.

We built this solution to help produce high volume results and not only maintain manufacturing quality, but actually enhance file quality and reduce risk.

There are many pitfalls in the mortgage process that slows down the progression of the file. Things are missed, mistakes are made, items overlooked, events forgotten. SafeboxIQ is designed to eliminate any of these from occurring.

Efficiencies for document handling and organization, data capture and validation, collaboration and milestone monitoring together with transparencies built into the system transform the organization's capacity to scale.

We have taken the mortgage process and slimmed it down from the current cycle time of 4 – 6 weeks down to 2 – 3 weeks.

The new environment enables an incredible customer experience and happier, more empowered employees.