SmartStream Technologies, the Transaction Lifecycle Management specialist, today announced that one of the top US mortgage loans processors has selected TLM Reconciliations to deliver greater automation to its back office processes.
SmartStream's client, one of the major participants in the US mortgage loan market, will replace its existing manual and time-consuming approach with TLM Reconciliations to create a fully automated, exceptions-based process. This new approach will be used for reconciling loan data between the mortgage originator and loan underwriter.
Implementing TLM Reconciliations, the firm will reduce the time taken to complete these reconciliations and will run them more frequently, helping to reduce cost and risk while also improving process visibility. As a result of this new approach, the institution will also strengthen data quality and identify patterns of exceptions that can be analysed to deliver continuous process improvement.
Lou Longhi, Managing Director - Americas, SmartStream Technologies, said: "We are very pleased to introduce a new reconciliation model, with the operational efficiencies and risk controls it represents, to the mortgage origination and underwriting marketplace. Many firms, especially those in the US mortgage industry, face demands to improve their operational processes through greater transparency and control, while at the same time reducing operational risks and costs. For mortgage operators, the essential requirement to address these issues is to introduce a proactive exceptions-based process. Our client selected SmartStream's TLM Reconciliations because of the solution's unique data model, advanced match rules and integrated workflow, which provides the flexibility to achieve its operational goals."