Web-based Tool Helps Large Financial Institution Effectively Track Communications

FI developed a web-based tool that enables our client to achieve reliable tracking of communication and transaction requests from borrowers and servicers and expand its business process functionality.

Client:  Large Financial Institution

Challenge: Our client’s Asset Management Team works with a large portfolio of borrowers and servicers, and is responsible for tracking and maintaining terms and documentation for all loans within the portfolio. Tracking communications and documentation between multiple external institutions was performed in an inconsistent manner and became burdensome.

FI Solution: In order to improve our client’s tracking of communication and transaction requests, FI created a web-based tool to capture documentation, workflow, delivery dates, and approvals of various documents. The tool enables multiple parties involved in a loan transaction to enter general transaction information, tracking dates, statuses and comments with respect to each transaction request being processed, and allows Asset Managers to query the data and generate specified reports. In addition, the tool provides users with automated email notifications related to workflow events.

In creating the tool, FI Consulting utilized its experience building and maintaining secure, web-based applications. In order to gain understanding of the detailed service requirements and associated data capture, FI compiled and incorporated requirements from the client as well as other external parties and institutions. In addition, FI developed data validation procedures that ensured data integrity and logical progression of dates, statuses, and approvals. FI performed application testing and incorporated compliance requirements for audit and regulatory purposes. With the new tool, our client is now able to automatically generate dynamic and standard reports.

FI Impact: FI’s experience building workflow and documentation tracking systems for multiple party use, in combination with FI’s experience and knowledge of the mortgage loan industry, has enabled our client to more effectively track its communications and transaction requests from borrowers and servicers. FI is responsible for all system infrastructure, security, and maintenance and continues to incorporate additional functionality to ensure data is accurate and valid.

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