Company: Digital Risk
Company Description: Digital Risk, headquartered in Maitland, FL, is the largest independent provider of Quality Control, Due Diligence, Valuations, and Fulfillment Services for the complex and dynamic financial services market. The individual talents of our thousands of analysts are amplified by the company’s proprietary technology and advanced analytics performed using the Making Mortgages Safe™ solutions.
Nomination Category: Business Development Awards Categories
Nomination Sub Category: Business Development Achievement of the Year - Financial Services Industries
Nomination Title: Digital Risk secures largest originations client in its history
Tell the story about this organization's business development achievements since the beginning of July 2013 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
As the largest independent provider of quality control, due diligence and fulfillment solutions in the financial services sector, Digital Risk’s business growth is closely tied to that of our clients. While we have a diversified solutions suite, enabling us to operate and expand in any market cycle, the 2013 U.S. housing market presented a unique set of challenges and significant downward pressure on our service lines and revenue growth. Despite these challenges and the stiff competition Digital Risk was up against, we were able to secure the largest originations client in its history and establish itself as a leader in the mortgage loan fulfillment space.
During the first half of 2013, lenders and other financial institutions struggled with a stagnant and – in some markets – declining housing market. The national homeownership rate fell for the ninth consecutive year, mortgage loan origination volumes remained unfavorably low, and regulators continued to increase oversight and levy heavy enforcement actions.
To be successful in this environment, Digital Risk began strategically focusing on front end mortgage loan originations solutions to distinguish ourselves from competitors and establish a leading position in one of the market’s growth areas. Our leaders knew they had to build confidence with prospective clients that the company could fulfill their needs at scale and with the utmost compliance and quality. Additional complexity was presented through the company’s acquisition by Mphasis (an HP company) in February 2013, and while the acquisition enabled us to leverage Mphasis’ global breadth and centers of excellence, it also presented unique challenges at the time, including merging of policies, procedures and corporate cultures. In the face of these challenges, Digital Risk not only overcame, but conquered.
In Q3 of 2013, Digital Risk entered into a strategic partnership with the largest originations client in our history, a top three mortgage loan originator in the U.S. and one of the world’s leading financial institutions, with $2T+ in assets under management. Even more impressive, the client had never embarked on a business partnership of this scale with a mortgage industry service provider and was only willing to partner with a select group based on the potential reputational and financial risk of the strategy. At the time of Digital Risk’s engagement, one of our primary competitors had already built a strong relationship with the client, performing origination fulfillment with a three month head start. We had to beat out this competitor’s bid for additional market share, along with several of our other top globally recognized competitors. By securing this partnership, which has resulted in $30M+ in revenue year to date, Digital Risk officially became one of the largest residential mortgage fulfillment providers in the U.S.
How did Digital Risk do this? Leveraging a multi-faceted proposal, the team demonstrated a core competency in designing, implementing and delivering a complex mortgage fulfillment solution, along with a commitment to excellence and quality throughout the engagement, contract definition and negotiation phases. Additionally, we offered the client flexibility to ramp-up/down loan volume based on the cyclical residential market, the opportunity to reduce cost to fulfill and the ability to partner on additional end-to-end fulfillment scopes for multiple residential mortgage products.
Since the project roll-out in Q4 of 2013, Digital Risk has devoted nearly 600 employees to the project and has processed 21,000+ loans totaling $3.1B+ in loan volume. Due to the client’s high satisfaction with results, we expanded the relationship, bringing in additional loan volume and new business opportunities for our Due Diligence and Servicing lines of business, which represent a three year growth potential of $300M+ in revenue and significantly increased market share relative to our competitors.
In addition, this program was big factor in Digital Risk’s and company leaders’ national recognitions/awards! (attached). In summary, given our ingenuity and service excellence, along with the obstacles we overcame to achieve this insurmountable long-term successful partnership, we believe we are the best business development achievement nominee.
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