Homepoint’s collections and loss mitigation programs were plagued by inefficient and cost-intensive processes resulting from its reliance on complex legacy lending software.
Aspen Grove’s loss mitigation solution delivered a user-friendly frontend experience that integrated with this legacy software, streamlining Homepoint’s loss mitigation processes to improve efficiency and performance.
A centralized, user-friendly platform for managing servicing activities and related communication
Improved scalability through greater staff empowerment and increased automation
The development of user-friendly business rules to reduce manual data entry and other tedious and error-prone processes
A 37% increase in productivity thanks to the efficiencies enabled by Aspen Grove’s frontend experience
The complexities of default business processes and business workflow have expanded beyond the capability of legacy software used by today’s mortgage servicers.
Tasks involving this legacy software can involve extensive data entry, including repeated entry of the same information across multiple forms and interfaces. Communication through the platform lacks any central organization, resulting in slow responses and miscommunications between underwriters, borrowers, and other key personnel involved in the loss mitigation process.
The result of these software limitations is a loss mitigation process which, for Homepoint, was consumed by tedious workloads, processing delays, communication errors, and poor productivity. Inefficient operations inevitably led to protracted timelines for borrowers, and increased costs for all parties.
To reduce the inefficiencies and headaches created by using the legacy financial software directly, Aspen Grove’s loss mitigation solution provided a new frontend that was placed over this legacy software, delivering an interface that updated this solution with modern, user-centric features and capabilities.
When a loan goes into default, Homepoint’s loss mitigation professionals simply utilize the Aspen Grove platform to execute all of the tasks that once required a visit directly to that legacy software.
Aspen Grove’s platform enabled the creation of business rules and other automations, as opposed to keying in data and kicking off actions on multiple screens.
The platform also facilitated quick, centralized communications that kept borrowers, underwriters and other stakeholders in the loop at all times. Faster communications enabled faster processing that reduced bottlenecks and improved servicing outcomes.
Thanks to its customizable design, Homepoint was able to create business rules that further increased the performance and value of Aspen Grove’s platform. Loss mitigation professionals were able to work faster and be more productive in their roles, while the company as a whole was able to scale its operations.
Aspen Grove’s Loss Mitigation Module delivered a significant reduction in the manual labor and technical complexity required for managing any mortgage in default. In addition, Homepoint achieved the following results: