Alliant Capital (formerly EF&A Funding) needed a customized ERP system to handle its underwriting and servicing business and turned to Dayspring to help.
Alliant Capital, LLC, a multifamily mortgage lender, one of 26 lenders authorized by Fannie Mae to make mortgages under the Delegated Underwriting and Servicing (DUS)® program.
Alliant Capital prides itself on fast loan processing and a deep knowledge of its customers. Looking to build on that solid foundation, Alliant wanted to transfer heavily paper-based origination and underwriting processes online, enabling it to grow its deal volume and take advantage of greater interest in new purchases and refinancings while still maintaining the financial quality of its portfolio.
Alliant’s loan servicing systems didn’t communicate with each other or with Fannie Mae. Throughout the loan origination and underwriting process and through loan servicing, data was re-keyed multiple times. In addition to requiring expensive staff time, re-keying compromised the data quality. Therefore, the reporting available from existing systems didn’t accurately represent the company’s portfolio. Portfolio management was also made difficult. Financial data entered as a part of the underwriting process couldn’t be compared to the actual performance of the property over the life of loan, or to the performance of the entire portfolio.
Alliant envisioned an integrated system on which to run its mortgage business. The software application would shepherd a deal from loan prospecting and pre-qualification all the way through origination, underwriting, and closing, and into the servicing of the loan. Data would be keyed in once—but checked at each stage so that its quality improved throughout the process. Financial data entered at any point during the process, including during underwriting, could be compared with actuals once the loan became part of the portfolio. All data could be compared so that the health of the portfolio could be assessed, the company’s risk exposure in various markets could be revealed, and future sales opportunities could be fed back into the prospecting pipeline.
Alliant chose Dayspring to be its partner in realizing this vision. We began with a workshop that helped Alliant map its work processes through its various departments. Dayspring developers facilitated two full-day sessions that brought together key people from Alliant’s management team and staff. Working together, Dayspring and Alliant staff traced a loan through its entire life, identifying, along the way, a plethora of Excel spreadsheets, Word documents and Microsoft Access databases, each with different subsets of Alliant’s operating data. These workshops set the roadmap for modular development of the integrated system.
The system integrates with Fannie Mae at key points. Data previously prepared only to meet Fannie Mae requirements—and therefore lost to Alliant—is now captured for Alliant’s analysis and then delivered to Fannie Mae with minimal additional effort.
- Underwriting Analysis
- Annual Financial reporting
- Annual Property Inspection reporting
- Annual Insurance reporting
- Portfolio Analysis Reporting