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How a US Based Mortgage Services Company Got Accurate Bankruptcy Records In Real-Time

The Client

The client is a Texas-based mortgage services company that helps investors acquire distressed assets by providing real-time data on properties out on sale. With a dynamic service delivery model, they have become one of the most sought after and reliable bankruptcy data providers in the US. Their services include sending daily alters on bankruptcies, and assets and liabilities reports. Providing the latest sale motion information to investors and sending customized alerts is their unique selling proposition.

Mortgage Services

Business Need

To stay competitive in the highly competitive mortgage services arena, the client wanted a team of professionals that can collate bankruptcy data from a wide variety of sources. The team had to be well versed with Form 201, 101 and mortgage compliance rules. The client shared a detailed requirement that called for proficiency at handling bankruptcy data in the prescribed format. The purpose of this project was to perform live entry of the Assets & Liabilities amount and Sale Assets on the client's website. This Tasks involved in the project were:

  • Receiving the source PDFs from the client through the email channel.
  • Categorizing the PDFs in three formats, (I) Form 201, (ii) Form 101 and (iii) Form 404 - Foreign Proceeding.

In Form 201 processing, the client wanted us to fill in the below information from PDF to their website:

  • Assets
  • Liabilities
  • Industry
  • Chapter 11 Type
  • Website

In Form 101, we had to fill in the below information from PDF to the client website.

  • Assets
  • Liabilities

Challenges

  • Finding mortgage experts with knowledge of regulatory guidelines was difficult for the client
  • Employing a team of such resources locally was a cost-prohibitive proposition
  • Extensive and seamless collaboration with the client in real-time was necessary
  • The in house auditors at SunTec did have some understanding of mortgage compliance issues but needed further training to meet the clients requirements
  • The client wanted the team to scale up the learning curve quickly

Solution

The mortgage team at SunTec got a comprehensive understanding of the client's exact requirements and deputed four of its most efficient and experienced resources to work on it. These dedicated mortgage experts took exhaustive training sessions with the client on mortgage compliance. Within a short span of time, the team was on its own delivering bankruptcy data in real-time. Within a fortnight the team at SunTec started delivering the desired services independently. As part of our bankruptcy data entry services our experts could:

  • Read the description of the case which is given in the PDF.
  • Find out the affiant/attorney and the email address.
  • Find out the Sale Assets, which are categorized as Personal Property, Real Property and Business Property. Personal/Real/Business Property is further categorized in "SUB CATEGORY" respectively.
  • Give a Heading/Title to the Sale Assets and describe the Sale Assets.
  • Find out the information about Sale Assets from the PDF and Google Search.
  • Find out the Sale Date. Sale Date can be found as "Auction Date", "Sale Hearing Date"

The client was so happy with the performance of the remote team that they decided to double the FTE count for additional services such as:

  • Objection deadline, Sale/Auction Time, Bid Deposit Amount, Bid Deadline, Bid Amount, Bidding Increment amount at Auction, Sale Term, Preview Time and Location, other terms and condition related to Sale Assets, etc.
  • Find out the Sale and Auction Location.
  • Sale Price/Reserved Price/Estimated Value of the Sale Assets.

Business Outcome

The result of a successful business is a happy client and the team at SunTec made it happen. With this ongoing project, the client was able to:

  • Get easy access to the most suitable skill sets
  • Leverage labor arbitrage to save operational cost
  • Get an extension of his team in India
  • Reduce time to market by making the most of the time difference
  • Get accurate bankruptcy data within a quick turnaround time
  • Ensure the safety and security of critical data with ISO certified audit process
  • Maintain their market position of a leading bankruptcy data provider

About SunTec India

SunTec India has been a reputed name in the outsourcing arena since 1999 with an experienced pool of 1000+ full-time employees. We offer bespoke services, strict SLAs and auditable processes to industries across the board. As a service provider, we have a proven track record of serving a worldwide clientele of 3600+ organizations, including Fortune 500 brands. We are ISO 9001 and 27001 certified for quality and information security.

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