Rapid Automation of Mortgage Origination & Servicing
Option One Mortgage Corporation needed to modernize and streamline its mortgage origination process and related systems. They turned to Intellective to design and build a world-class lending system.
Option One Mortgage Corporation (OOMC) is one of the largest mortgage lenders in the United States funding $25.4 Billion in home loans as of 2006. In a highly competitive marketplace OOMC's goal is not to be the biggest mortgage lender, but the best, with faster processing, lower fees, and the highest standards of customer service.
Mortgage lending is a fast paced environment requiring data and documentation to be collected, verified, and reviewed quickly and accurately. Mistakes or omissions in a loan application can cause havoc, delaying funding or resulting in an improperly underwritten mortgage.
Also, with a large client base, OOMC was struggling to provide optimal customer service to clients with multiple loans that may be in-process or existing. OOMC employees had to search multiple systems, sometimes reviewing hardcopy documents, to support their clients, resulting in delays or errors.
To reach the goal of "best in class" customer experience OOMC needed to implement a highly automated, streamline origination and servicing process based on the latest technology. They chose Intellective for in-depth knowledge of loan origination and servicing combined with expert understanding of document and process management technologies.
Combining Intellective Unity with IBM/FileNet Content and Process Management technologies, OOMC was able to deploy a highly flexible solution. Leveraging the native capabilities of IBM FileNet P8 Content Manager and Case Manager, combined with the intuitive user experience of Unity, Intellective designed and deployed a world-class solution. This solution allowed company-wide visibility to critical data, both for evaluating and funding new loans as well as servicing existing loans.
"Intellective displayed incredible insight and experience in
lending procedures and technology. They were able to design, build, and deploy a fantastic solution that exceeded
our expectations in a very short time. Their commitment to
excellence fit well with Option One's overall culture and we
cannot be happier with the results we've achieved."- Lori Peck OOMC Director of IT Services
Intellective has extensive experience in banking processes and procedures. Working with OOMC, Intellective performed a complete functional and technical analysis. This allowed documentation of the proposed current and future state systems and procedures, target goals, and detailed implementation and testing timelines.
OOMC leveraged Unity paired with IBM P8 to achieve the
• Complete integration between funding and servicing
systems of record and the newly deployed Unity lending
and servicing solutions
• Instant search across client records for loan applications
and loans under service
• Secure, contextual, views of work objects and content
enforcing appropriate access based on user role
• Loan documents displayed in proper Stacking Order via
Unity's "virtual file folder" capability
• User interface integration with several other systems of
record, extending visibility across the OOMC enterprise
• Use of Unity Interchange to query and package loans for
evaluation or sale
• External visibility to support third-party servicing
Working with the Intellective team OOMC was able to design, build, and deploy a complete solution on an aggressive timeline, and well under the proposed budget. The solution created, and platforms deployed, by this effort
proved extensible and scalable, supporting OOMC during record growth and expanding to additional departments and solutions.
Intellective’s methodology includes review of documented goals and calculated return on investment (ROI) after each solution engagement. OOMC met or exceeded all goals in this highly successful delivery.