Wipro’s NetOxygen solution helps a leading real estate mortgage lender respond quickly to market demands.
The client is a leading real estate secured mortgage lender in the US, operating in the retail and wholesale segments with a large branch network. While retail customer acquisition happens through the branch network and advertising, account representatives scout for, and manage, wholesale customers.
The recent global financial crisis unleashed a whole new set of challenges for banks and financials for banks and financial institutions. The rising default and delinquency rates in mortgages and asset-based products put the spotlight back on improving the profitability, shareholder value and building a quality book of assets. The consolidation of portfolios due to mergers and acquisitions led to a fragmented technology space, with different solutions often providing similar business features. In addition, the tightening compliance and regulatory framework spurred banks to frequently change their business processes, standard operating procedures and MIS reporting systems.
The client faced twin challenges of managing profitable growth and improving business process management in line with changing regulatory requirements. Also, the legacy technology platform could not be scaled up to hasten the time-to-market of its products.
The key challenges were:
- The existing processes were people-dependent, paper intense and came with a higher propensity for errors
- The legacy systems and processes were not scalable beyond the current application levels, leading to a longer time-to-market
- The client’s business process was complex and required multiple levels of hand-offs between various teams leading to delays in implementing new regulatory requirements
- Very high cost of loan origination
Presented with these challenges, Wipro engaged with the client to bring the maintenance of the loan origination team under the direct control of the line-of-business personnel.