BaseCap’s Mortgage Quality Control solution is enhancing the way mortgage companies conduct due diligence and eliminate lending defects. Assigning a value or grade to a loan has always required a delay of months from initial funding and has depended on significant resources to identify issues, track down solutions, and rectify erroneous elements.
BaseCap’s approach enables the mortgage industry to immediately validate a loan not only in terms of document requirements and accuracy, but also against GSE guidelines, regulations, and investor stipulations. Whether at close, bid, or post-acquisition, any loan can be verified the day of the request.
Beginning November 1, BaseCap’s solution will be available on Microsoft Cloud for Financial Services, making it even easier for organizations to adopt.
“BaseCap’s Mortgage Quality Control solution enables mortgage businesses to originate, service and invest loans quicker for significantly less cost,” explained Steve Smith, CEO & Co-Founder of BaseCap. “In addition to dramatically reducing defects, our approach is transforming the industry by accelerating lending while reducing risk. By using Microsoft Cloud for Financial Services, BaseCap’s integration deploys immediately, delivering a complete, collaborative and secure solution with the click of a button.”
BaseCap’s integration with Microsoft Cloud for Financial Services drives collaboration without requiring employees to context switch, immediately notifying and resolving critical business issues in Microsoft Teams. The solution is a result of a deep integration between BaseCap’s Data Quality Manager and Microsoft’s Technology Stack, including: Form Recognizer, Teams, Power Apps, and Microsoft Azure Data Services.
The moment a loan is identified for review, its entire dataset is subjected to a 100% automatic review: validating first whether all required documents are in hand, comparing against all captured document data attributes, performing guideline checks, and reviewing specific investor requirements – all summarized by an overall portfolio health score. The Platform also provides intelligent root cause analysis and remediation suggestions, while supporting a collaborative approach to resolve data issues at the source.
While most due diligence operations cost anywhere between $300 and $600 per loan, BaseCap’s solution can deliver an instant result for up to 90% less. While this alone increases the value of the loan and significantly decreases Cost Per Loan (CPL) for every loan, the real game-changer is the potential to perform 100% due diligence, something the industry has never considered because of the prohibitive cost.
“BaseCap’s use of Microsoft Cloud for Financial Services provides a mortgage quality solution that our customers can deploy and benefit from immediately,” said Bill Borden, corporate vice president of Worldwide Financial Services at Microsoft. “This is an example of how Microsoft and our partner ecosystem are driving digital transformation in the financial services industry to improve productivity and manage risk.”
BaseCap’s Mortgage Quality Control solution is readily available in the Azure Marketplace [Link].
For more information contact
Head of Mortgage Solutions