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General American Corporation

General American Corporation. Implementing IT Solution Dan Green GBA 573. Overview of Company. Mortgage Escrow Firm Schedules closing Prepares legal documents Disburses funds. The Process. Three-stage operations process. Stage 1.

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General American Corporation

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  1. General American Corporation Implementing IT Solution Dan Green GBA 573

  2. Overview of Company • Mortgage Escrow Firm • Schedules closing • Prepares legal documents • Disburses funds

  3. The Process • Three-stage operations process

  4. Stage 1 • Scheduler contacts closing agent, arranges meeting with borrower

  5. Stage 2 • Preparation of HUD documents • Legally binding contract between lender and borrower • Includes amount borrowed, interest rate, and creditors to whom money is owed

  6. Stage 3 • Three days in escrow….then.. • Disbursement of Funds • To creditors • To Borrower

  7. The Problem • Current system not interactive • No online link between the three stages

  8. This leads to……. • Information re-entered in each stage • Inefficient • Waste of time • Allows human error….inconsistent records

  9. Serious Problems • Error in Disbursement stage • HUD legally binding document • Checks must match figures and creditors stated on HUD • Currently, checks cut manually, room for human error

  10. Project • GAC wants to introduce new software that creates one system ----linking the three stages. • Software applies concurrent information in relevant fields • Automatically cuts checks to match HUD

  11. Objectives • Automate Operations • Particularly check disbursement • Creates online database for each borrower • More efficient • Reduces potential for inconsistent records

  12. Expected Benefits • Streamlined Operations • Cuts Waste • Cuts Work-Hours (Saves $) • Reduces instance of human error

  13. Project Design • Feasibiliy Analysis • Operation • Economic • Technical • Requirements Analysis

  14. Scope • GAC bid out contract • Contractor designs Software with GAC input • Establish Software in System • Train employees • Review results

  15. Concern to GAC • Must maintain workload during training of new software

  16. Real time Training on site • Solution: Bring Consultants from Software designer to GAC, sit with employees to walk through process • Training while achieving output

  17. Response Team • Consultants on-site to assist in transition, respond to any problems not foreseen in software development

  18. After Implementation and Training • Establish hotline for questions • Final Analysis

  19. Costs • GAC employees salaried, involved in regular workday while training….no extra costs here • Bid Project to Contractor • Costs to contractor for software development and programming • Onsite training • Response team and hotline assistance

  20. Questions ?

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