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How Equiant Streamlined Loan Servicing Transfers with BaseCap

Overview

Equiant (now Concord), a prominent loan servicing company, faced significant challenges in transferring millions of loans from originating companies to their own system. This process was essential for maintaining accurate records and providing seamless service to their customers. However, the traditional method of completing servicing transfers was fraught with inefficiencies and resource-intensive procedures.

"BaseCap was instrumental in our successfully converting accurate data”

Peter Moody, Chief Business Development Officer

Challenge

The loan data onboarding team at Equiant faced many of the same challenges frustrating mortgage servicers everywhere. Moving large volumes of data from origination systems into their servicing system diverted essential resources for days at a time. This constraint prevented Equiant from scaling its operations and expanding its loan portfolio.

Key challenges included:

Manual transfer processes: Equiant’s onboarding team had to manage servicing transfers manually, a time-intensive and morale-dimming process.
Involvement of multiple teams: The transfer process required significant involvement from the technology team and engineers, creating bottlenecks and delays. This interdependency slowed down the entire process, hindering Equiant’s ability to meet deadlines and efficiently manage workloads.
Resource allocation: A significant amount of the onboarding team’s time was dedicated to servicing transfers, limiting their capacity to focus on other essential tasks.

Many organizations look to improve their data quality in anticipation of a merger or acquisition.

Solution

To address these challenges, Equiant engaged BaseCap Analytics to automate servicing transfers. Using BaseCap’s data validation platform, Equiant could expedite servicing transfers, enhance accuracy, and streamline the overall process.

Key functionality involved in the transfers included:

Process automation: many of the manual tasks involved in loan servicing transfers were automated in the BaseCap platform. With custom policies set up, the onboarding team could rapidly check 100% of incoming loan data to discover issues that needed addressing.
Automapping: Equiant could quickly map column names and other parameters to facilitate faster deployment of incoming loan data into their servicing platform.
Intuitive UI: BaseCap allowed the onboarding team to conduct servicing transfers without reliance on IT and data engineers. This capability empowered the analysts while freeing up critical resources for the company.
One platform for transfers: Equiant’s onboarding team could manage the entire transfer process from the BaseCap platform, streamlining operations for faster transfers.
Enhanced Accuracy: The platform’s data validation tools gave Equiant confidence that all boarded loan files were correctly transferred.

"What sets BaseCap apart was the ability to take a sales guy, teach him how to use the platform, and let them act like an engineer.”

Peter Moody, Equiant

Result

Faster loan transfers: from days to minutes

Increased volume of loan transfers

Significant time and resource savings

Immediate reputation bump

The implementation of BaseCap yielded significant improvements for Equiant. During the engagement, Equiant successfully boarded hundreds of thousands of loans over the course of six major transfers. Moreover, they could transfer these loans dramatically faster; what once took multiple business days was completed in 20 minutes using the BaseCap platform.

Equiant’s enhanced servicing transfer proficiency gave them an immediate competitive edge. One warehouse loan provider remarked that Equiant became known for transferring significantly faster than competitors. In fact, the improved market positioning was a major factor in Equiant’s recent acquisition by Concord.

Summary

Equiant’s partnership with BaseCap Analytics marked a pivotal improvement in their servicing transfer operations. The data validation platform not only streamlined processes and reduced the need for manual labor but also empowered the onboarding team to manage transfers independently. This collaboration resulted in faster, more accurate servicing transfers, saving time and resources and enhancing Equiant’s market reputation.

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