Lender Payoff
PROJECT
Lender Payoff
Domain
Title & Settlement Services
CLIENT
Americas
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.