Self-Service Data Prep Provides Business InsightBy Guest Author Print
QIE Partners, an investor accounting service provider, achieves precision loan reconciliation and meets clients’ expectations with self-service data preparation.
Our client portfolios can have thousands of loans, and each loan typically has a minimum of two transactions each month—though that number is often much higher. Self-service data prep allows us to identify loans with problems and, more importantly, pinpoint the individual transactions within each loan that's causing those issues.
The goal is to reconcile each individual loan to the penny, but we can do that only if we’re able to extract the information we need without affecting its accuracy. We rely on data prep technology to do the heavy lifting, and it has never failed us. We’re able to build and reconcile our client reports, while also complying with agency and investor requirements.
Counting the Business Benefits of Data Prep Tech
The advantages that self-service data prep technology brings to our IT department are compelling, but the technology also delivers significant business value. Because we can quickly retrieve and prepare data for analysis and reconciliation, we’re saving countless hours, budget and resources.
We also serve our clients better with faster report generation and greater accuracy. And we’ve tripled staff performance time, providing more capacity for new business.
All investors have a required turnaround time for bank reconciliations, which is typically 30 to 45 days. Reconciling a large portfolio in that time span can be challenging. More important, delays in reconciliation problem detection can cause issues to span multiple reporting cycles, which can increase complexity and make problems more difficult to diagnose and correct.
Self-service data preparation acts as an internal member of our team. It expedites the reconciliation process and increases its accuracy, resulting in precise reconciliations that meet investor deadlines.
Self-service data prep technology can be likened to a Swiss Army knife because it allows us to do so much. Using it, we can turn raw data into vital information that drives decision making and delivers business value to our clients. And, perhaps most important, it helps us deliver on our promise of quality, integrity and expertise.
Dirk Schulze is a mortgage-servicing investor accountant at QIE Partners, which provides investor accounting and loan-servicing advisory and support services. He has been active in the mortgage banking industry since 1992.
Photo courtesy of QIE Partners
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