Skip to content
product image

Lender Payoff


Lender Payoff

Title & Settlement Services
Process Improvement
Reduction in timeline to obtain lender payoff, resulting in reduction in closing timeline

Action Plan

  • Calibration done by Verity with the lender to determine all the prerequisites needed before ordering a lender payoff. Example: Need the loan statement or the complete loan number and  lender name and borrowers last four digits of the SSN, to effectively order the payoff via phone.
  • Verity has developed a repository of lender contact information starting with 30% of the most common / leading payoff lenders in the U.S.
  • Verity continues to add more lender information to capture details for all possible payoff lenders.
  • Verity re-created the standard operating procedure. The preferred method to order the payoff should always be through call/IVR.

Outcome / Achievement

  • Continuous monitoring was done to measure the effectiveness of ordering the payoff through call/IVR.
  • Weekly and monthly data were compared with the current statistics post implementation of the process.
  • The reduction in turn time was improved by two business days by the end of the month.