INFO-PRO Mortgage Services Corporation (IPMSC) conducts annual reviews of their mortgage portfolios by cross-checking their loans against government tax records. An early innovator in this industry, IPMSC had developed a homegrown technology solution that scraped online land records, compiling data from designated websites.
But over time, this technology had become outdated and inefficient. IPMSC needed a faster solution with greater accuracy in order to support business growth and maintain customer affinity.
Omni introduced a phased solution that provided continuous, progressive improvements to work flow and data processing. The software is designed to provide 3-on-3 verification for each tax parcel, crosschecking borrower name, address and parcel ID number to ensure data integrity.
Before the upgrades, only 20% of parcels came back with an automatic match, meaning someone had to double-check the rest of the records manually. After the upgrade, automatic match rates jumped to 60%, vastly decreasing unnecessary work for the IPMSC team.
Omni also migrated the company’s data system to the cloud, increasing their processing speed and reducing overall expense and liability.
Successful software upgrades provide IPMSC with cutting-edge tools to collect and verify tax data. By tripling their automatic match rate, IPMSC gains significant capacity to grow its business.
As a core part of its business model, the new software allows IPMSC to market key competitive advantages including: