Operational consulting from TakeFive can be very rewarding for an mortgage lender as it considers both, operational and technological compatibility of the process and impact the Loan origination system to leverage maximum benefits from many of the features such as custom screens, third party integration and more. With years of experience in mortgage industry and ongoing experimentation of the Encompass 360 platform, Take Five Consulting can analyze and bridge the gap between the business process and technological workflow.
With Encompass operational consulting, we aim to organize the encompass platform to improve the efficiency of all aspects your business. Encompass operational consultation can modify and improve the way the your company deals with;
- Regulatory Compliance:
- Compliance is a critical aspect of the mortgage lending process, and we can help mortgage banks ensure that they are in compliance with all relevant regulations and standards.
- This may involve configuring the Encompass 360 system to enforce compliance rules and providing guidance on how to manage compliance-related tasks such as disclosures and regulatory reporting.
- Restructuring the workflow:
- Using Encompass 360, we can help mortgage banks optimize their loan origination processes by identifying areas where manual intervention can be reduced and automation can be increased.
- For example, the Encompass 360 system can be configured to automate routine tasks such as document generation and data entry, freeing up loan officers to focus on higher-value tasks such as borrower engagement and relationship-building.
- Custom utilities and plugins:
- We can help mortgage banks integrate Encompass 360 with other systems and automate tasks such as data entry and document management.
- For example, Encompass 360 can be integrated with third-party systems such as credit reporting agencies and underwriting platforms, streamlining the loan origination process and reducing the risk of errors.
- Reporting and analytics:
- The Encompass 360 system provides a large dataset of data on loan origination processes and performance, but mortgage banks may need assistance in generating reports and analytics that provide valuable insights into their operations.
- We can help mortgage banks leverage this data to generate actionable insights that can help them optimize their processes, reduce costs, and increase efficiency.
- Third-party vendor management:
- Vendor selection: By working with the mortgage bank’s procurement team, we can help ensure that vendors are selected based on objective criteria and that contracts are negotiated to provide the best possible terms for the mortgage bank.
- Due diligence: Once a vendor has been selected, we can help the mortgage bank conduct due diligence to ensure that the vendor meets all relevant regulatory requirements and has appropriate security and data protection measures in place.
Being in constant communication with the client, Take Five Consulting derives ideas unique for the business needs of the client from the beginning of the process. With a team that has considerable operational mortgage backgrounds can offer what the business need and more to make your system efficient and pay for itself.