Revolutionizing Finance with Oracle ERP for a Leading Mortgage Servicer
PROJECT INFORMATION
As one of the largest mortgage servicing companies in the U.S., this $10 billion enterprise supports both residential and commercial mortgage needs. With over 7,000 employees spread across the U.S., Uruguay, India, and the Philippines, the company manages high transaction volumes and complex financial requirements unique to a global business.
CHALLENGES
The client faced a range of financial challenges due to outdated systems, which created inefficiencies and lacked the scalability to support their growth. Key financial challenges included:
- Complex, Multi-Currency Operations: Financial consolidation across multiple currencies, calendars, and ledgers was resource-intensive and time-consuming.
- Data Overload: Processing over 1 million journals per month strained their financial systems, creating risks in accuracy and reporting.
- Manual Expense Management: Expense tracking, approvals, and payment processes relied heavily on offline and manual workflows, leading to delays and errors.
RESULTS & IMPACT
Solution Highlights:
- Automated Financial Consolidation: Leveraged Oracle Fusion Ledger to perform multi-calendar, multi-ledger, and multi-currency consolidations, supporting the client’s complex, cross-border operations with ease.
- Comprehensive Data Conversion: Migrated over 20 million journal entries, ensuring seamless continuity and accuracy in historical financial data.
- Digitized Expense Reporting and Approvals: Established a fully digital expense management process, improving transparency and reducing errors across all regions.
- Standardized Global Processes: Implemented uniform accounting and reporting standards across the company’s four international locations, reducing inconsistencies and enhancing compliance.
- Streamlined Testing for Quality: Conducted over 700 test scenarios during user acceptance testing (UAT), ensuring robust accuracy and operational readiness.
Through Drivestream’s Oracle ERP Cloud solution, the client successfully moved from a fragmented financial infrastructure to a streamlined, scalable system. With automated workflows, multi-currency support, and digitized expense processes, the company achieved substantial cost savings and operational improvements, empowering its finance teams to drive value.
LOOKING FORWARD
Oracle Cloud ERP has equipped the company with the tools to manage complex global financial demands, positioning them for continued growth and operational efficiency.
Ready to transform your financial operations? Contact Drivestream to explore how Oracle Cloud ERP can optimize your business.