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Learn how Accenture helped a top-15 US residential servicer launch a new default claims processing service in less than 60 days.
This top-15 US residential servicer is a market-leading, non-depository sub-servicer. Their approximately 1,000 employees help manage more than 650,000 loans each year.
Owing to planned acquisitions and organic growth strategies, the servicer expected significant growth in its loan volume. At the same time, the servicer’s agreement with its existing claims processing provider ended abruptly.
An increase in loan volumes, combined with the loss of the servicer’s existing claims provider caused processing delays. Importantly, it increased the risk of dire regulatory non-compliance costs. The servicer needed to obtain a new claims provider quickly, without disrupting service, diminishing quality, increasing costs or increasing risk.
The company chose Accenture because of our extensive industry experience and market leadership in delivering claims business process outsourcing (BPO) services. Through our Claims Processing BPO service, Accenture could meet the servicer’s needs immediately and cost-effectively.
Accenture Claims Processing BPO files or reviews more than 275,000 claims annually and transacts nearly $20 million worth of claims each month on behalf of our clients. It is part of Accenture Credit Service’s comprehensive Residential Mortgage BPO Service offerings that address the entire lending and servicing value chain.
Under a multi-year arrangement, Accenture now manages all of the servicer’s default claims filings (initial, supplemental and final) for Fannie Mae, Freddie Mac and private mortgage insurance claims.
A highly skilled team of onshore and offshore default management specialists, including senior domain leadership, worked closely with the client to initiate the service.
Following Accenture’s tested BPO and program management methodologies, the team:
The service was up-and-running in less than 60 days. The team on-boarded 80 percent of the servicer’s claims during first two months of service. The service is flexible enough to scale and meet the client’s evolving needs.
With help from Accenture, the servicer obtained a fast, accurate and efficient back-office default claims processing function. In the first two months, the service achieved 100 percent compliance with investor filing time periods and greater than 30 percent cost reduction over the legacy provider.
Through Accenture Claims Processing BPO, the servicer has access to global capabilities that help improve their operations and minimize loss. The client’s executives are now free to focus scarce default management resources on more strategic initiatives. They can turn their attention to growing the business more aggressively, confident that their default claims processing is in good hands.
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