Mortgage Servicing Company Retains Servicing Rights While Slashing Time and Costs by 30 Percent
An Epiq Challenge
Mortgage servicing company retains servicing rights while slashing time and costs by 30%. The company faced loss of servicing rights statewide and massive potential fines. Incumbent resources were unable to scale up rapidly enough to meet looming deadlines while also managing the complexity of the request.
An Epiq Solution
In five days, Epiq rapidly interviewed, hired and trained 150 experienced default servicing staff and licensed attorneys to embark on the procedural loan review process. Epiq project directors worked closely with client staff to properly align all requirements to the pending request. Epiq created a custom database to capture the agency’s complex requests to replace the typical spreadsheet methodology of capturing data, thereby saving 30% of time and associated costs and enabling the company to hit the agency imposed deadline.
With Epiq Results
Epiq delivered a fully turnkey solution comprising loan-by-loan analytics wrapped in a database which allowed for immediate and secure delivery by the client to the regulator. The efforts in this matter contributed to successfully responding to state regulators in a way that ensured that the ongoing business in the state was allowed to continue uninterrupted.
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