The Wakefield Company - Making It Happen

Residential Mortgage Finance

In recent years, the U.S. residential mortgage market has been crippled by a failure to control systemic risk factors. Lack of detailed process architecture, outdated technology, inappropriate influence of sales personnel over the production function, abandonment of prudent underwriting standards, and an inability to control the quality of raw materials necessary to produce investment grade loans combined to produce a catastrophic melt down of the subprime mortgage market and trigger a global credit and liquidity crisis. Given the trillions of dollars lost by investors holding mortgage-backed assets, the industry must address its inadequacies before confidence can be restored.

Over the past twenty-five years, we have continually refined a proprietary set of process architecture tools which provide clients with a step level description of an optimized loan production process. We have formally evaluated and ranked the functionality of the leading loan origination systems. We understand these systems' strengths and weaknesses and how best-of-breed third party components can be loosely coupled to enhance operational agility. Our cross-functional labor force design minimizes the impact of cyclicality and prevents sales personnel from exerting adverse influence on the loan production process. Proven business rules management software ensures the consistent application of top-down mandated underwriting policies. Integration of a proven vendor management system monitors the quality and performance of settlement services providers on a per transaction basis and complies with both HVCC and RESPA. Uniting these architectural components through robust work orchestration software improves transaction velocity and typically reduces our clients' annual direct labor costs by 50% - 60%.

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