Streamlining Mortgage Services: From Idea to Prototype in just 6 weeks

Our Client, Gregory Funding, part of Aspen Capital, is a mortgage servicing company. The company faced a significant challenge: its foreclosure invoice payment process was labor-intensive, inefficient, and relied on multiple applications, leading to frequent human interventions.

The goal was to streamline this process, reduce processing time, and improve relationships with attorney firms. This would be achieved by creating an attorney portal for better collaboration and automation.

Foreclosure activities are on the rise. It became more difficult for our client to efficiently handle the rising workload with the current staff allotment, given the growth of the loan servicing portfolio. The foreclosure team operated in a highly regulated sector, continually confronting tight deadlines, legal pressure from external sources, and time-sensitive legal filing requirements. These challenges got more complex as the frequency of foreclosure activities heightened.

The invoice payment procedure for foreclosure activities required full rework. The method entailed manual data input, document cross-checking, and payment delays, leading to dissatisfaction among law firms. The procedure inefficiencies resulted in a large invoice backlog.

On top of that, the situation was further complicated by increasing foreclosure operations and expansion of Gregory Funding’s loan service portfolio, presenting additional hurdles in managing the caseload with the currently assigned staff.

The goal was to optimize this procedure. The client wanted to cut down the expenses of data parsing with outside vendors, decrease case processing duration, and enhance associations with law firms.

One of the solutions was creating an attorney portal to establish a cooperative hub between Gregory Funding and the Foreclosure Attorney network.

Among the benefits the portal would introduce, there were:

• incorporation of invoicing functions,
• offering enhanced visibility into invoice statuses for all principal shareholders,
• scaling capacity involving a gradual incorporation of other business functionalities for the Foreclosure team and, eventually, other service providers.

We had to ensure that Gregory Funding would address those challenges fast but involving the entire scope of operations, using real scenarios, and risk-free.