Challenge
Reduce reporting complexity and TAT delays
Client focuses on investments in mortgage and consumer credit including whole loans, asset backed securities, mortgage servicing rights, and other credit-related assets.
Client faced huge challenges with their investor reporting and remittances reconciliation. Reporting for all 500+ of their investors was managed on numerous and complex spreadsheets, with manual reconciliation, resulting in delayed turnaround time (TAT). The delayed TAT led to financial penalties, errors, and more than 40% of the staff was (in some way) involved in reporting.
Solution
Streamline and automate processes
ThoughtFocus quickly analyzed existing processes and proposed building a complete investor remittance management system that would streamline processes. Within 8 months, ThoughtFocus built and rolled out the services and technology. The completely automated system included remittance calculation, investor reporting, and fee calculations with zero errors, using 50% less resources. The system connects directly with an integrated cash and risk management solution to receive daily bank feeds for the new reconciliation module. Remittance time has been reduced from 2 hours to 25 minutes.
Results
8 Months
Automated System Design & Rollout
50%
Less Resources
80%
Remittance Time Reduction
Benefits
Flexible technology and operations partner
A scalable workforce at an optimized cost reduced inefficiencies and improved processing speed.
ThoughtFocus streamlined their processes into individual smaller sub-processes with skilled resources for each process step.
Specialization and process optimization created significant improvements in document processing with a faster turnaround time.
Launched new services faster and delivered a 20% productivity improvement.
ThoughtFocus has successfully developed a pricing engine, under writing system, broker portal and is now automating the document processing system. This has resulted in huge cost savings.
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