Case Study on Financial & Accounting Back Office Support

Overview

Corporations and small businesses borrow loans from banks for various reasons. A banking office that accepts loan applications from companies, in order to review their eligibility for availing a loan, is known as a Loan Production Office (LPO). However, an LPO does not accept monetary deposit. It only processes the loan applications received and assesses their eligibility. The entire process involves a lot of paperwork, which has to be processed accurately within a short turnaround time.

Customer

A bank's Loan Production Office (LPO) in Las Vegas

Customer's Challenges

• Voluminous paperwork had to be managed efficiently
• The turnaround time had to be improved
• The peak load of loan applications had to be managed properly

Flatworld Solutions' Back Office Services Provided

• Flatworld Solutions offered services such as purchasing, refinancing, cash out refinancing, loans for construction or expansion - Conventional, SBA 7(A), Conventional 504 and Conduit loans
• Loan eligibility reports were developed once all the following source documents were checked and verified: Forms 1003, 1040, 413, 4506T, financial statements, business credit report, DNBI, etc.
• Once the source documents are verified, loan eligibility reports were prepared in Microsoft Excel

Impact on Customer's Business

• By using Flatworld Solutions' services, the bank considerably reduced expenses related to staff and other expenses
• The turnaround time improved considerably
• The seasonal load of processing several documents was managed properly