Solvtopia Crafts A World-Class Analytics System For A Fortune 100 Company

If there’s one singular issue for lenders and financial institutions, it’s the need to effectively manage paperwork. Especially for national organizations that serve customers in multiple states, it can be a struggle to develop a good data infrastructure. Often, a custom software program is the only way to successfully process and analyze all this paperwork. 

As its name suggests, Solvtopia is committed to solving these sorts of problems with custom software development. Here’s how they helped a major investment firm ensure compliance and generate fully customized reports on-demand. 

Their Problem

Different states have different requirements for both the end consumer and the financial organization. These forms need to be completed, details that need to be reported, and data that needs to be pulled. An old-fashioned software program typically can’t perform all these tasks quickly or accurately.

This is a challenge for many lending institutions, investment firms, and loan services. They need to accommodate varying and overlapping levels of compliance while delivering fast, accurate results to suit modern consumers’ preferences. To exacerbate the issue, paperwork, timelines, and reporting requirements change by state, which makes it difficult for one single system to efficiently handle every case.

If an organization can’t navigate this web of regulatory and processing requirements, it won’t be able to efficiently serve customers in multiple states. This leads to a loss of revenue — a painful side effect of antiquated software that is not designed for this ever-shifting industry. 

Their Goals

Solvtopia’s client was facing these exact challenges. As a loan servicer, they needed to pull data and send accurate documents to each consumer. However, these consumers were all located in different states with different rules and regulations. For example, some states allow delinquent mortgage loans to be foreclosed within 6 months; others allow up to 2 years. Being able to locate each consumer’s applicable rules and generate the correct documentation to send it in a timely, efficient, and compliant manner was a monumental task. 

Essentially, this firm needed to generate reports on almost any query in their systems and then find the appropriate documents to send them quickly and correctly. In addition to this, they also required multiple team members to gain access to the programs. This tedious task of pulling all the data previously fell on a single staffer, which caused indefinite delays and of course𑁋The dreaded security concern! Along with this, they needed to process data and send documents securely, but their antiquated system had only one security measure.

Viewed holistically, this meant the firm required a custom software solution that could decentralize tasks, pull applicable regulations and requirements on-demand, generate unique reports for any data point, keep everything secure, and ensure compliance with every state’s regulations. Was this even possible, especially with a single software solution?

With Solvtopia, it was.

Our Solution

Solvtopia tackled all these problems with a unified approach. Combining permission-based security features and access roles, they created a decentralized yet secure system that mitigated the firm’s risk. Multiple loan officers and advisors were now able to access a single system but in the way, they needed to serve customers, pull the correct documents, and maintain regulatory compliance. 

The new custom system pulled together disparate data sources from each servicer while allowing the right people to analyze that data. Now, the firm could evaluate the market thoroughly, assess trends, and provide better service to their consumers. 

Results & Key Takeaways

Thanks to Solvtopia’s innovative solutions, the firm was able to streamline its workflows even in a multi-state market with varying regulations. The appropriate loan officer or another staffer could access the tools they needed, resulting in a more organic and sustainable approach to loan servicing. Plus, by decentralizing data analysis and implementing new security measures, Solvtopia helped this client both minimize its risk and scale up its revenue. 

As a result of this, the client tripled its value of home loans processed from $100 million to $300 million. Their previous software could not even process these vast amounts due to the complexity of tasks and documents required —Especially when the processes bottlenecked with a single employee! Solvtopia created a multifaceted solution that led to quicker, more accurate, and on-demand loan processing and notices. This, in turn, allowed them to generate more revenue while providing better service to their clients. 

How Do I Pick The Right Development Team? 

Organizations that would like to implement a custom software solution for their data pulling and reporting requirements will need to find a team that can deliver great results. Here’s what Solvtopia’s work highlights about the custom software development process:

Number 1: Consider the Length of Your Commitment

If your organization is looking for a software development team to complete an isolated project that has a relatively small scope of work, then you have a little more room for error when choosing a team. The truth with most projects, even if you think they have a small scope, is that surprises come. Iterations are almost always necessary, so you’ll want a firm that offers agile project management.

In short, it’s super important to weigh all of your options for development teams. You don’t want to commit to a team that can’t meet your needs, even if a project doesn’t seem super time-consuming or labor-intensive. Remember to choose wisely from your team as well; you need the right people to give feedback and guide the process. 

Number 2: Ensure They Aren’t All Talk

If you don’t speak the language of computers, then you can be misled by someone who does. Don’t be fooled by jargon and extraordinary claims. Know enough about your needs before you book a company. Make sure to come prepared with the right questions, and get the right answers.

One sign of a good software development company is that they will tell you “no” if necessary. Those that claim to offer and accept all your requests are either inexperienced, price-gougers, or both.

It’s always a good idea to take a look at each candidate’s past performance to gauge how well they walk their talk. Ask detailed questions about their process and how they translated previous clients’ goals into deliverables. 

Number 3: Don’t Be Cheap; Be Cost-Effective

There is a huge gap between cheapness and cost-effectiveness, especially in the hourly software development world. A cheap hourly rate or a low fixed monthly rate may seem attractive, but you could end up with tons of delays and low-quality work, which drags out the timeline and forces you to hire other people to fix the issue. Worst-case scenario: you end up re-doing the entire project. 

Remember, you get what you pay for! But don’t automatically choose the most expensive team either. Do your research, make sure they produce high-quality work and compare your options to see which one brings you the most bang-for-your-buck. 

Wrapping Up

Finding a software development team is hard, especially when your project involves such a complex task that must also be fully compliant. Often, this requires custom software that breaks away from the mold of standard business systems. In this case, Solvtopia needed to decentralize and restructure the system to achieve its client’s goals.

Solvtopia has bounds of experience in custom software development and is currently looking for more organizations that need to modernize and streamline their data system. If this describes your business, contact Solvtopia for a free consultation call and see how custom software can optimize your operations.