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BaseCap Customer Story

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”

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.

For Sale sign for real estate or business listing

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.”

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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Terms & Conditions

24 Hour Loan Due Diligence Guarantee

Guarantee Offer:
We guarantee a 24-hour turnaround time for performing a standardized diligence checklist and providing a certification for eligible loans. If we fail to meet this commitment, we will provide a credit for the affected loan on the client’s next loan submission. This guarantee timeline does not apply to exception resolution and subsequent reruns of loans.

Conditions & Exclusions:

This guarantee applies under the following conditions:

  1. Cutoff Times & Business Days:
    1. The 24-hour period begins from the time of submission, provided it occurs before the daily cutoff time as defined in the contract.
    2. 2.Submissions received after the cutoff time will be treated as received on the next business day, and the 24-hour period will begin from that point.
  2. Force Majeure & System Outages:
    1. This guarantee does not apply in the event of Microsoft Azure outages, broader cloud service disruptions, or any force majeure events beyond our control.
  3. Third-Party Dependencies:
    1. If document scans, data files, third party reports or other required materials are delayed due to our provider or an integration partner, the 24-hour clock will not begin until all necessary documents and data are received.
  4. Volume Spikes:
    1. If loan volume exceeds 30% of the rolling 30-day average, we reserve the right to temporarily suspend the 24-hour guarantee until processing volumes return to normal or are reflective of the new increased average.
  5. Exclusions & Modifications:
    1. We reserve the right to modify or suspend this guarantee at our discretion in the event of circumstances beyond our reasonable control.
    2. The credit applies only to the next loan submitted by the client and has no cash value.

By submitting a loan for diligence under this guarantee, the client acknowledges and agrees to these terms.