As the industry works to find efficiencies to make up for higher origination costs, there’s a great deal of pressure from the market to invest in the borrower experience and implement a digital strategy. But building a digital platform on top of fragmented systems and disjointed workflows can be daunting. Lenders and servicers need a compliance-centric partner with deep mortgage domain expertise who is willing to listen and craft inventive tech-enabled solutions that cater to their unique needs. Sourcepoint helps lenders and servicers create scale, reduce costs and accelerate cycle times with digital solutions and right-shore outsourcing.
The right partner
With more than 25 years of experience in mortgage services, Sourcepoint provides transformation solutions across the mortgage lifecycle to many of the top 20 lenders and servicers. The Sourcepoint team has deep industry knowledge, which allows its employees to thoroughly understand their clients’ business and speak their language. Through its flexible approach, Sourcepoint professionals immerse themselves into companies’ operations to address obstacles stalling growth and innovation and to help accomplish clients’ objectives more efficiently. The company takes a consultative approach to working with clients, listening to their needs, understanding their pain points and crafting inventive solutions leveraging right-shore production methodologies, global workforces and technology to meet their needs.
“Imagine the power of a single partner who can facilitate the entire mortgage process end-to-end from loan fulfillment, closing and funding, title and settlement, post-close through loan boarding, servicing, customer service and lien release,” said Auvese Pasha, EVP & Chief Operating Officer at Sourcepoint. “This is where Sourcepoint excels; there is really no other partner who can handle core functions every step of the way.”
Partnering with Sourcepoint means working with someone who understands your entire business across all lending channels and through servicing and default. Collaborating with Sourcepoint helps you enhance the borrower experience, mitigate vendor risk, create economies of scale for your mortgage operations and foster an environment of collaboration that creates seamless workflows capable of layering in automation and efficiencies across the lifecycle.
Sourcepoint’s approach minimizes disjointed and inefficient workflows caused by problems like miscommunication across disparate vendors and platforms.
Sourcepoint offers end-to-end loan fulfillment and component services. The company maintains the industry’s most robust set of licenses across origination, servicing and collections, spanning all 50 states, Washington, D.C., the Virgin Islands and Puerto Rico.
Sourcepoint’s mortgage domain expertise includes business process management (BPM) capabilities complemented by digital capabilities that reduce costs and compliance risks. Its global delivery capabilities are focused on providing the right solution from the right location.
Mortgage services offered by Sourcepoint include:
- Global Call Center & Collections (continental U.S., D.C., V.I. and P.R.)
- Loan Setup, Processing, Underwriting & Closing/Funding
- Title and Settlement
- Component Routine Servicing
- Escrow Administration
- Document Control
- Payment Processing
- Claims Processing
- Default Servicing
- Loss mitigation
- Lien Release and Assignments
Clients who work with Sourcepoint benefit from its strategic focus, as its engagements produce long-term results with near-term benefits. Sourcepoint helps accelerate cycle times, improve accuracy of work and reduce costs to service; its clients often experience a 30% improvement in costs and/or cycle time reduction.
The tech advantage
A core strategy of the digital loan process involves applying Robotic Process Automation (RPA) to streamline workflow and ensure consistency in loan processing. Sourcepoint’s Process Excellence and Business Transformation teams work with clients to identify manual, high-volume, repetitive processes that are a good fit for RPA. Its Center of Excellence (CoE) is led by an expert in RPA and staffed by experienced developers, who work to identify processes where implementing RPA can deliver the highest ROI.
With a global workforce of over 3,000 employees, Sourcepoint offers 24/7 support, including omnichannel platforms and WebChat capabilities. Its Call Center allows servicers to provide bilingual coverage around the clock, giving borrowers the flexibility to reach out for assistance on their own schedule. In addition, Sourcepoint’s WebChat capabilities enable lenders and servicers to connect directly with borrowers in real time through digital channels.
Clients who work with Sourcepoint appreciate the real-time customer insights they receive through Call Quality Monitoring (CQM). Sourcepoint not only provides traditional call quality monitoring, but its speech and text analytics tool First Customer Intelligence (FCI) provides next-day insights on the borrower experience.
For example, FCI can identify borrowers who are confused or upset, allowing the lender to hone in on the root cause and take immediate corrective action. FCI can also identify poor agent performance or behavior and help identify opportunities to redirect borrowers to faster, online self-help tools.
Sourcepoint also offers Optical Character Recognition and Intelligent Character Recognition document extraction and AI for pre-purchase reviews, post-close and loan boarding.
Sourcepoint is well-positioned to support the digital transformation of lenders and servicers no matter what their path looks like, recognizing that the pace, tools and strategies deployed by each of its clients will vary substantially.
As a lifecycle BPM provider, Sourcepoint can implement workflows and processes that help clients create their digital path. The team brings to the table years of process consulting expertise and technologies that can help complement and even accelerate its clients’ digital strategies. Sourcepoint can adapt to its clients’ processes or work with its Solutions Architecture team or its Professional Services Group to re-engineer processes.
By combining human resources with automation and technology, Sourcepoint can outsource processes by layering in the appropriate technological solution to streamline and automate workflows. It’s difficult to completely bypass a human touch, but Sourcepoint is well-positioned to support a right-shore, hybrid digital approach to the loan process. Because the company is platform-agnostic, lenders who work with Sourcepoint are able to leverage their own technology, Sourcepoint technology or a custom combination of solutions.
“We see our job as being there to collaborate on best practices and help drive implementation and adoption of our clients’ digital strategy while offering technology solutions such as RPA and AI that can help accelerate their digital path,” said Steve Schachter, EVP Sales & Marketing at Sourcepoint. “We see our role as serving as a partner to help our clients master digital mortgage.”