Home Point Financial Partners with Capsilon; Cuts Purchase Review Time by 33%
ANN ARBOR, MICHIGAN, SAN FRANCISCO – October 8, 2018 Home Point Financial Corporation (“Home Point”), a multi-channel national mortgage originator and servicer, announced today an expanded partnership with Capsilon, a leading provider of mortgage automation software. Home Point chose Capsilon to eliminate bottlenecks in the loan process, boost productivity and reduce risks.
The Capsilon IQ platform was integrated with a proprietary tool called Automated File Intake for Home Point’s Correspondent channel. Capsilon IQ was also rolled out across their Wholesale channel.
Home Point reduced Delegated Correspondent purchase review time by 33% through integration with Capsilon IQ, improving operational efficiency and delivering a better experience for its clients.
For most Correspondent lenders, the process to onboard loans for purchase review requires significant manual “stare and compare” and companies invest in significant resources to ensure consistency across key points of data. Typically, more than 50% of operational staff time is spent reviewing documents side-by-side, using a checklist to make sure the documents are identical and data is accurate.
Rather than adding more people to attempt to solve the problem, Home Point expanded its business, choosing to invest in building a software-powered solution leveraging Capsilon IQ to automate manual work. This solution reduced the ‘stare and compare’ from the purchase review process and significantly improved associate productivity, decreasing file intake time.
"Capsilon has been an innovative partner throughout this process. Their understanding of the mortgage business helped us build a customized solution that boosts productivity across channels,” said Maria Fregosi, Chief Capital Markets Officer at Home Point Financial. “We look forward to continuing our relationship with Capsilon to help provide a better experience for our lender partners.”
“Home Point Financial is changing how mortgages are delivered,” said Jim Obsitnik, Capsilon’s Chief Operating Officer. “We’re thrilled to partner with them to help deploy a new way of operating that harnesses the power of data to improve the mortgage process.”