CRFS REAL WORLD CASE STUDY 2022-04 MI CLAIMS PROJECT
- Client: Non-bank mortgage servicer
- Challenge: As year-end approached, our client was faced with a significant population of aged MI claims that were past the technical due date and needed to be submitted to multiple MI carriers for review and disposition. The carriers were pressing our client to submit the claims ASAP or risk losing the opportunity to secure any recoveries. Due to the specific claim filing requirements the individual MI carriers maintain, client leadership was concerned it lacked the in-house resources necessary to complete the project in the timeframe required. The client had worked with CRFS in the past and re-engaged with us to develop a solution to a problem with meaningful financial implications.
- Solution: CRFS and the client were able to finalize an agreement quickly, and immediately went to work on the technical and operational elements of the partnership including access to the various MI carrier sites. Working closely with the client’s technology and LOB leadership, we were able to compress the typical implementation window from an average of roughly 60 days to less than 45 days. Once we’d received the first set of referrals, CRFS was able to onboard, process, QC and successfully submit the first claim package in five business days. As the project continued and volumes increased, the client provided comprehensive training on key internal systems which allowed the CRFS team to work the claims quicker. CRFS and the client also implemented an effective process to address a growing number of missing critical documents, which further accelerated the claim review and submission process.
- Value Add: With early and ongoing support from the client, CRFS was able to expedite the administrative and operational elements of the new client onboarding to facilitate a much quicker-than-usual referral of an aged population of MI claims. Within 45 days of going live with the project, CRFS had ingested nearly 150 claims across multiple MI carriers and is on target to submit the entire population within 90 days of referral. From an ROI perspective, the submitted claims are reliably clearing the carrier review process and are generating recoveries that greatly exceed the filing costs. The success of this project has led the client to expand the relationship with CRFS to include additional claim types.