SATORI FINANCIAL MORTGAGE GROUP

Satori Financial Mortgage Group



Satori Financial Mortgage Group

Introduction

The communication process involved in closing a mortgage in today's real estate market is a complex, disorganized and often lengthy one. There can be as many as ten different companies participating in the closing of a single transaction. There is no central point for collaboration or communication. Hundreds of documents are mailed, overnighted, couriered, or faxed between the myriad number of companies involved, while everyone prays for everything to be delivered on time, at the right location, to the right person. It's a wonder that anything actually gets accomplished in such an unorganized, unsupervised, and chaotic environment. The average participant spends less than 20% of their time on core business activities, with over 80% of their time wasted on the process itself. The result is a process laced with errors, miscommunication and delays, making an already inefficient process even more unproductive (Numagami, 2008).

Success in this industry will be determined by an organization's ability to effectively manage the communication process between industry affiliates, including the mortgage brokers, real estate agents, escrow companies, lenders, etc. Satori Financial Mortgage Group has built a business model that addresses this need in a unique way. Called POEM for Portal, Outsourced, Extranet, Management, this business model will completely reshape the way the mortgage closing process functions.

First, a web-based Portal site will host an application that in itself will serve as a workflow document management system, carefully managing the communication that takes place in the mortgage closing process. Through a combination of Outsourced processing and Extranet technologies, the system will Manage the process itself, accurately, easily, and effectively sharing information between affiliates. This will achieve the goal of shortening the time to close while vastly reducing the time wasted on process communications. The result will be a completely effective, focused, and relatively short process, and a great deal of the affiliates available time freed up to be refocused on core business activities.

All of the affiliates to the mortgage closing process will all utilize the Satori Financial Mortgage Group web interface to execute their transactions. The loan processing could either be totally outsourced to Satori Financial Mortgage Group, or the workload could be shared between the mortgage processor and Satori Financial Mortgage Group. In either case, Satori Financial Mortgage Group's web-based application will track the progress of the loan, making certain that the correct parties receive all required information on a timely basis.

The value created by Satori Financial Mortgage Group will be:

Extensive cost savings for everyone utilizing their system;

A considerably reduced time-cycle in the overall mortgage process;

The ability for affiliates to focus more of their time on generating new business and less on the logistical requirements of that business; and

The ability to drive extensive revenue that is tied directly to the performance increases that the system offers.

There are many companies today that are trying to address some of these issues. The problem is that none of the competition has tried ...