November 15th, 2022
Axos Bank Signs Multiyear Contract With BaseCap
BaseCap Analytics, a recognized leader in mortgage quality control solutions for life-of-loan issue identification, announced today that Axos, a top provider of digital banking, has signed a multiyear contract to use BaseCap Analytics’ Mortgage Quality Manager.
BaseCap Analytics’ Mortgage Quality Manager is a comprehensive, life-of-loan platform financial institutions use to catch, collaborate, and correct loan defects. In a blind case study earlier this year, the implementation of this platform has resulted in a 55% no-touch rate and a 45% low-touch rate from a previous 100% manual review rate, saving weeks of manual work.
Inside the mortgage industry, approximately 50% of loans have missing or erroneous fields. Nathan Burnsides, Senior Vice President over Consumer Operations, recognized that many banks have been unable to solve these loan quality issues, and that inefficiency consumes money and, more importantly, valuable time.
“Axos is a leader in minimizing loan defects to improve efficiency and investor reporting,” Nathan said. “Bringing BaseCap and their solution in house was a perfect fit to take us that final mile to fully automating and ensuring the most accurate data for our operations.”
Axos is the most recent firm to use BaseCap’s Mortgage Quality Manager to improve life-of-loan issue identification.
“We are extremely excited that Axos has entrusted us with improving their data for the life-of-loan identification”. said Jason Ahl, Head of Mortgage Solutions, BaseCap. “Our goal is to be the most trusted provider for banks and lenders to improve the accuracy of their data to save them time and money.”
About BaseCap Analytics
BaseCap Analytics is a data solutions technology company aimed at helping mortgage quality control become the baseline for organizations across the industry; improving their ability to make better business decisions by improving the accuracy and quality of every piece of information. BaseCap’s Mortgage Quality Manager platform has been deployed internationally and can be found via Microsoft’s Azure Marketplace as the only Data Quality Microsoft Partner in the Microsoft FSI cloud.
About Axos Bank
Axos Bank is a financial services company that provides innovative banking products and services to customers nationwide. Axos reinvented the banking model when they launched a digital bank more than two decades ago. Since then, they’ve grown over $15 million in assets by offering competitive interest rates, low to no fees, and convenient access to banking. In 2022, the company was named One of America’s Best Banks by Forbes for the third year in a row. Axos also came first place for 2022’s Top Ten Most Innovative Banks.