Problem statement:
In April 2018, a rapidly expanding New Jersey based Mortgage Loan Funding client sought FinacPlus’s expertise to provide Virtual Back-office Process Support for their Loan Buying, Loan Servicing Accounting, and Software Development functions.
The client faced challenges due to continuous business expansion, an increasing pipeline of new opportunities, and an inability to hire qualified manpower on time. This resulted in delays in borrower and loan originator services, impacting their overall business efficiency.
Solution provided:
FinacPlus conducted a comprehensive assessment and understood the spectrum of services to be provided to the client and engaged closely with functional managers to outline the scope of services. FinacPlus team created precise job descriptions tailored to the skills needed for their requirements, hired experienced resources, and facilitated a seamless onboarding process.
FinacPlus has taken full ownership of back-office operations, enabling the client to focus on business development and product innovation. Core responsibilities handled by FinacPlus included hiring, on-boarding, employee induction, performance management, team engagement, time management, operational controls, and system management. This collaborative approach allowed the client to offload operational burdens and scale efficiently.
Impact achieved:
By November 2024, FinacPlus had successfully onboarded 80 skilled resources for the client, with ongoing growth. Over six years, the client achieved a remarkable 10X business growth, capturing significant opportunities in the US private lending market. With FinacPlus’s proactive support, the client continues to focus on innovation and market growth, backed by dedicated and motivated operational support from FinacPlus Virtual Back-office team.
