Mortgage Loan Modification

The Challenge

A top-ten U.S. bank was experiencing significant operational problems in its mortgage loan modification program, resulting in high customer fall-out rates, increased regulatory scrutiny, and some level of reputational risk. Many of these problems stemmed directly from the high volumes of customer documentation that had to be incorporated into newly defined HAMP application and approval processes.

The Solution

In a two month project utilizing the Encapture® platform, Imagine Solutions helped deploy a distributed capture capability that extended the bank’s enterprise content management platform into dozens of ad hoc locations – community centers, school gymnasiums, etc. – where loan modification specialists worked directly with customers. On the spot, these specialists could image capture and validate the customers’ documentation and immediately route those electronic documents into the bank’s central loan review workflow, dramatically reducing errors and lost documents and jumpstarting the loan modification process.

The Results

The solution gave the bank a boost in both regulatory compliance and community goodwill. It enabled proactive outreach on behalf of troubled borrowers and gave borrowers timely, informed answers. The solution also provided audit trails for monitoring and reporting, workflow to ensure step-by-step compliance, and security against customer privacy breaches.

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