Mortgage Services

The Problem:

While experiencing brisk growth, one nationwide mortgage servicing company expanded their servicing portfolio by nearly 106% in two years. Within this time frame, their portfolio had more than doubled from approximately 251,000 loans to over 518,000 loans and they increased their mortgage servicing division workforce from 368 to over 565 employees.

As a remote client of a leading vendor’s mortgage servicing platform, they receive millions upon millions of pages of servicing reports every month. These reports contain information that is vital to daily business activities and with such rapid growth, in number of loans serviced and in number of employees, they realized a faster, more versatile and enterprise-level solution to manage an ever-growing mountain of information was needed.

The Solution:

After careful analysis, they chose OCIE® – the Online Computer Information Exchange to enhance online report viewing and strengthen their ability to find information and extract and utilize the data contained within servicing reports. OCIE is an enterprise content management solution that combines enterprise report and document management with DataDigger® – a powerful data extraction and transformation tool for business.

“Our employee satisfaction and the ease of use are significant. With OCIE it is much easier to find the exact report and much faster than what we used before. Even for remote users, at locations in other parts of the country or even India, OCIE is much, much faster,” said Kim Thompson, former Vice President – Information Technology.

OCIE quickly satisfied the varied needs of departments throughout the servicing company. Users find it indispensable in Accounting, Compliance, Cash Control and Special Loans, Escrow and Mortgage Insurance, New Loans and Ac-quisitions, Pre-Payment Penalty, and Taxes, Records and Lien Release.

The Good Thing about OCIE:

Thompson continued, “When we converted to OCIE, one of the things we really liked was the ability to use DataDigger to get the precise data we wanted and being able to export it into another product like Excel or Access, or pull it in to a system.” DataDigger is a proven cost-savings companion for many data extraction tools. It allows users to build, test, and execute custom mining tasks on reports generated by their servicing platform provider. DataDigger handles ASCII and PDF reports with complex report formatting and is ideal for extracting specific data elements from reports that span page breaks. OCIE and DataDigger help users avoid errors and save substantial amounts of time.

“The good thing about OCIE is you don’t have to have programmers; which is huge,” said Steve Althouse, Systems Ana-lyst. Althouse continued, “We don’t have to go out and schedule assets like we would for Cognos and things like that. With OCIE, we pretty much have a couple of people who know how to do ‘Diggers,’ we have an OCIE administrator, and we’re done. We can search and mine all our reports and do all this great stuff with OCIE, without a programmer. I mean that’s huge for us.”

Andy Miller, Systems Analyst, added “The biggest part was not having to run our other extract tool as much anymore because that cost money every time we ran it. Since the same data is available on the reports we store in OCIE, you can use DataDigger to pull the fields and there you go. And it’s a LOT faster and much easier to use. DataDigger just makes it so much easier to grab that data.”

It Just Makes My Day a Lot Easier:

DataDigger extraction routines can be scheduled to run automatically. Mortgage servicers find that this is a very convenient way to make servicing report data available for use in spreadsheets, other applications, and databases. Now they can use the OCIE Task Manager™ to schedule, administer, and balance crucial mining tasks with online viewing activity to optimize system resource allocation and performance for their business.

“The previous tool we used didn’t necessarily work and it would take forever to run. For example, at the end of the month I’d have to look at one particular report, tens of thousands of pages, and it would take all day,” recalled Bill Norton, Systems Analyst. Norton continued, “I would have to do five or six different validations and it used to take me three days, maybe more. Three days is a long time. Now, with OCIE and DataDigger, I get done within a day and still have time to do other things. OCIE is a tremendous speed enhancement — it just makes my day a lot easier. It’s super-fast.”