Alight, Inc. changes name to Riivos, Inc. Read the announcement

Riivos Mortgage: trusted by the nation’s mortgage leaders

Together we’re creating value, realizing opportunities, and achieving higher financial performance at the speed of modern business.

Customer

Challenge

Solution

Value Creation

Customer

  • Independent Mortgage Banker
  • Approx. $1bn Annual Originations
  • Multichannel: Retail, Consumer Direct, Correspondent, Wholesale
  • 36 Retail Branches
  • 260 Employees
  • Goals: Improve company profitability, achieve more accuracy and timeliness in forecasting, drive accountability throughout the organization

Challenge

  • Forecasting in Excel is time consuming, so only done once/quarter
  • Financials not effectively distributed to operations
  • No easy way to involve department leaders in the forecasting process
  • Pressure from warehouse banks and investors to provide timely forecasts/estimates

Solution

  • Riivos Mortgage Lending
  • Integration of GL, LOS, payroll software
  • Forecasts based on locks, not closed loan volume
  • Volume and margin change scenarios
  • Side-by-side scenario comparison

Value Creation

  • Forecasts based on locks provide more accurate financial projections
  • Finance has more time to focus on analyzing opportunities for ongoing improved performance, instead of producing ad hoc reports
  • Firm ownership now reviews financial results and forecasts regularly via easy-to-understand dashboards
  • Data and financial insights are shared with sales to promote accountability for results
  • Head of operations is creating and running scenarios to help understand how productivity and processes affect headcount and financial performance

Customer

  • Independent Mortgage Bank
  • Top 25 nationally in retail originations
  • +$4bn Originations
  • Retail, Servicing
  • 60 Retail branches
  • 20 Corporate departments
  • Goal: Department-level accountability for financial goals

Challenge

  • Spreadsheets for 80+ cost centers difficult to maintain
  • Collaborating on financials and variances with 80+ managers extremely time consuming
  • No way to track changes made to the system
  • No easy way for department managers to create scenarios to navigate changing markets

Solution

  • Mortgage Lending
  • Facilitate bottoms up department-level planning
  • Integration of data sources: GL, LOS, Cap Markets, Payroll
  • Branches and departments update volume and manage headcount in the system
  • Bi-weekly business reviews with department managers via dashboards to understand variances and prepare action plan
  • User-based permissions provide controlled access for 80+ users

Value Creation

  • Culture of accountability created within 6 weeks
  • A system of record for financial planning
  • Best practices instituted to manage financial process in each department, segment, channel and at corporate
  • Only 4-6 hours of maintenance required each month eliminating a full time financial analyst role: Savings of $120k/annually

Customer

  • Independent Mortgage Bank
  • $8B Originations
  • 235 Retail branches
  • 20 States
  • 800 Loan Programs
  • 100 Loan Tranches
  • 13 Tranche Families
  • Goal: Optimize pricing strategy

Challenge

  • Need to evaluate impact of pricing changes on the entire business
  • No easy way for capital markets to create pricing scenarios to navigate changing markets
  • Spreadsheets for margin management are difficult to maintain and not capable of scaling
  • No way to document all pricing changes and disseminate throughout the organization

Solution

  • Mortgage Pricing
  • Integration of data sources: GL, LOS, Cap Markets
  • Side-by-side analysis of scenarios to optimize pricing decisions

Value Creation

  • Ability to optimize pricing for all the loan programs
  • A system of record for pricing
  • Increased gain on sale by 27 bps
  • Provided visibility to the CEO, CFO and capital markets team