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Starting point: In the midst of the home lending crisis of 2010, the Home Loan group of a Top 5 US Bank was faced with a backlog of over 13,000 open customer inquiries including 3,000 inquiries that had been initiated through the federal Office of the Comptroller of the Currency. In addition, further inquiries emanated from other regulatory and government organizations. Failure to meet the government standards for timely and accurate responses would result in audit findings, possible fines and increased political pressure. The Bank lacked the necessary processes, structure, facilities and manpower to handle the enormous and vital project quickly and effectively.

Why CG?

Why CG?: The client turned to CG to help quickly scale and respond to the thousands of inquiries:

  • CG understood the client’s business and had the expertise to manage the process and scale quickly; and
  • CG had experience and knowledge to determine the best process.

CG was in a unique position to broker a successful consolidation.

 

Roadmap

The CG Roadmap: CG proposed a solution which included program definitions and management to ensure quality and productivity, rapid deployment of 160 resources, and development of standard program metrics. Program management proactively supported CG employee performance with no additional management responsibilities for the Bank, and standard program metrics were developed from the CG performance management process and adapted for use across this area of the Bank.

Milestone

Memorable Milestone: The CG team developed a process and scaled quickly to meet deadlines and respond to the most imminent inquiries within 90 days of the start of the program.

Success

Success: All regulatory deadlines were met while improving the quality standards for customer communication. Additionally, targeted support focused first on highest priority cases with regulatory visibility. The 3,000 outstanding cases with regulatory requirements were closed in 90 days, avoiding audit failures and fines.

Regulatory Response to Mortgage Crisis

Top 5 Bank

Promptly and thoroughly responding to thousands of inquiries.

Business Challenge: Promptly and thoroughly responding to thousands of inquiries.

In the midst of the home lending crisis of 2010, the Home Loan group of a Top 5 US Bank was faced with a backlog of over 13,000 open customer inquiries which included 3,000 inquiries that had been initiated through the federal Office of the Comptroller of the Currency. Additional inquiries emanated from other regulatory and government organizations. These inquiries required a swift and thorough response – a volume the Bank was not prepared to handle.

Failure to meet the government standards for swift, appropriate and accurate responses would result in audit findings, possible fines and increased political pressure.

The Bank lacked the necessary processes, structure, facilities and manpower to handle the enormous and vital project quickly and effectively.

The CG Solution: A detailed plan for a swift and thorough response

CG proposed a solution which included:

  • Program definitions and management to ensure quality and productivity
  • Rapid deployment of 160 resources
  • Development of standard program metrics.

Program management proactively supported CG employee performance with no additional management responsibilities for the Bank.

Standard program metrics were developed from the CG performance management process and adapted for use across this area of the Bank. CG documented the case review and closure process to support process improvement. CG introduced best practices to improve quality that were adopted across the Bank’s organization.

Result: Deadline met!

The client was able to meet all of the regulatory deadlines set by the federal agency avoiding any audits or fines. At the same time the quality standards for customer communication was dramatically improved.

Targeted support focused first on highest priority cases with regulatory visibility. The 3,000 outstanding cases with regulatory requirements were closed in 90 days, avoiding audit failures and fines.

Regulatory Response to Mortgage Crisis

Top 5 Bank

Promptly and thoroughly responding to thousands of inquiries.

Business Challenge: Promptly and thoroughly responding to thousands of inquiries.

In the midst of the home lending crisis of 2010, the Home Loan group of a Top 5 US Bank was faced with a backlog of over 13,000 open customer inquiries which included 3,000 inquiries that had been initiated through the federal Office of the Comptroller of the Currency. Additional inquiries emanated from other regulatory and government organizations. These inquiries required a swift and thorough response – a volume the Bank was not prepared to handle.

Failure to meet the government standards for swift, appropriate and accurate responses would result in audit findings, possible fines and increased political pressure.

The Bank lacked the necessary processes, structure, facilities and manpower to handle the enormous and vital project quickly and effectively.

The CG Solution: A detailed plan for a swift and thorough response

CG proposed a solution which included:

  • Program definitions and management to ensure quality and productivity
  • Rapid deployment of 160 resources
  • Development of standard program metrics.

Program management proactively supported CG employee performance with no additional management responsibilities for the Bank.

Standard program metrics were developed from the CG performance management process and adapted for use across this area of the Bank. CG documented the case review and closure process to support process improvement. CG introduced best practices to improve quality that were adopted across the Bank’s organization.

Result: Deadline met!

The client was able to meet all of the regulatory deadlines set by the federal agency avoiding any audits or fines. At the same time the quality standards for customer communication was dramatically improved.

Targeted support focused first on highest priority cases with regulatory visibility. The 3,000 outstanding cases with regulatory requirements were closed in 90 days, avoiding audit failures and fines.