With the persistent aftereffects from the home loan crisis, government agencies and private litigants are increasing the pressure on banks and other lending institutions to provide loan-related information.
Because the organizations are required to analyze the large volume of files, which contain complex data, under strict time constraints and is very expensive for the companies, the Huron Consulting Group has developed a new service to help these institutions.
The Chicago-Ill.-based provider of business consulting services started the residential mortgage loan review service, which supports banks and other lending institutions that deal with large scale, loan-related lawsuits, investigations, and regulatory inquiries.
The solution offers a fixed unit price for each loan file reviewed, resulting in a cost savings of up to 75% for the client compared to the typical hourly billing.
“There is tremendous market need to analyze massive amounts of loan-related information, and Huron Legal is offering a scalable team of industry professionals to address this demand,” said Shahzad Bashir, vice president of Huron Legal.
More than 300 law and real estate professionals are merged into the company’s solution, which contains a newly designed analysis workflow and a customized database.
“We are currently implementing this new analysis workflow on millions of loan files and delivering savings in the tens of millions of dollars,” Shahzad said.
This workflow results in a streamlined process that has the ability to accurately analyze loan records that are unique to the residential loan mortgage industry. The residential loan files are unlike traditional commercial litigation where the files are commonly e-mail and corporate records.
Because of the complexity it takes to do the loan reviews, the legal firm has created a customized process that is separate from its litigation document review services.
“Banks and other lending institutions need a better option,” said Robert Rowe, managing director of Huron Legal. “The stakes are high in the aftermath of the mortgage crisis, and Huron Legal is offering a smarter way to review loan documents and stay in step with regulatory requirements, while considering the bottom line.”
