Huron Consulting Group Launches Mortgage Loan Review Service
CHICAGO, Mar 04, 2011 (BUSINESS WIRE) --
Huron Consulting Group (NASDAQ: HURN), a leading provider of business consulting services, today announced the launch of its residential mortgage loan review service, which supports banks and other lending institutions dealing with large scale, loan-related lawsuits, investigations, and regulatory inquiries. The Huron Legal solution offers a fixed unit price for each loan file reviewed, resulting in cost savings of up to 75 percent.
With the continuing fallout from the home loan crisis, government agencies and private litigants are putting increased pressure on banks and other lending institutions to provide loan-related information. Not only are these organizations required to analyze loan files under severe time constraints, but the complexity of data and sheer volume of files combine to render their analysis a very expensive proposition, absent a scalable, efficient process with an alternative non-hourly fee model.
"There is a tremendous market need to analyze massive amounts of loan-related information, and Huron Legal is offering a scalable team of industry professionals to address this demand," said Shahzad Bashir, vice president, Huron Legal. "We are currently implementing this new analysis workflow on millions of loan files and delivering savings in the tens of millions of dollars."
Huron Legal's solution combines more than 300 professionals with backgrounds in law and real estate, working under the direction of the client's counsel, with a newly designed analysis workflow and a customized database. The result is a streamlined process that can accurately analyze loan records unique to the residential loan mortgage industry. These loan files are different from email and corporate records commonly involved in more traditional commercial litigation. To tackle this challenge, Huron Legal created a customized process, separate and distinct from Huron Legal's litigation document review services.
"Banks and other lending institutions need a better option," said Robert Rowe, managing director, Huron Legal. "The stakes are high in the aftermath of the mortgage crisis, and Huron Legal is offering a smarter way to review loan documents and stay in step with regulatory requirements, while considering their bottom line."
The Huron Legal solution combines legal and real estate professionals, process, and technology to create a scalable, efficient mortgage loan document review service at a predictable fixed price. For example, one client saved more than 75 percent - resulting in a savings of approximately $20 million - when the organization transitioned from a vendor's hourly billing approach to Huron Legal's predictable priced document review solution.
About Huron Legal
Huron Legal provides advisory and business services to assist law departments and law firms to enhance organizational effectiveness and reduce legal spend. Huron Legal advises on and implements strategy, organizational design and development, outside counsel management, operational efficiency, and discovery solutions, and provides services relating to the management of matters, contracts, documents, records, digital evidence and e-discovery.
Learn more about: Huron's IMPACT(TM) solution, which delivers sustainable cost reductions ranging from 15 to 40 percent; R3con(TM) solution, a cost-effective forensic investigation solution to protect enterprise data; Sp3ctrum(TM) solution, a managed services discovery solution; and V3locity(R) solution, offering a streamlined e-discovery process that results in predictable discovery costs.
About Huron Consulting Group
Huron Consulting Group helps clients in diverse industries improve performance, comply with complex regulations, reduce costs, recover from distress, leverage technology, and stimulate growth. The Company teams with its clients to deliver sustainable and measurable results. Huron provides services to a wide variety of both financially sound and distressed organizations, including healthcare organizations, Fortune 500 companies, leading academic institutions, medium-sized businesses, and the law firms that represent these various organizations. Learn more at www.huronconsultinggroup.com.
SOURCE: Huron Consulting Group
Huron Consulting Group
Jennifer Frost Hennagir, 312-880-3260