Cloud Story: Freedom Mortgage.
Freedom Mortgage are the market leader in government-insured lending and ranked among the nation’s top mortgage providers. They are a privately held full-service lender that has been serving customers in the United States for over 25 years with licenses in all 50 states, the District of Columbia, Puerto Rico and the Virgin Islands.
In offering a broad range of mortgage solutions in correspondent lending, wholesale services, commercial real estate lending and small business lending, Freedom Mortgage dealt with a vast amount of financial information that made accounting and reporting a constant struggle.
Drivestream built a first-in-the-industry Cloud Translation Adapter for Freedom Mortgage to map divergent financial information from multiple sources into a Global Chart of Accounts structure that will dynamically map and load financial information.
Location: North America – USA
- Implementation of Oracle Cloud allowed Freedom Mortgage to access the following previously disparate data in a single system:
- Production (point of sale) data
- Headcount (salary) data
- Financial (accounting) data
- Managerial business metrics
- The centralization of data facilitated the creation of managerial reports that drive actionable changes within the business.
- Reports, that were previously only generated monthly, can now be prepared more frequently (in some cases, daily), allowing for faster reactions to pricing, production and cost control.
- The Oracle Cloud Suite has now deprecated manual Excel spreadsheets to act as the consolidation engine for management reporting, shortening the cycle time required to consolidate multiple channel reports.
- Implementation of Oracle PBCS Cloud has created a common planning environment and methodology to be adopted by all channels, allowing management to exercise greater control and oversight over planning, budgeting and variance management activities.
- Facilitated fast adoption and training for users by leveraging the Smartview app native in a familiar Excel environment.
- Made key-in errors redundant in manual report consolidation activities, leading to more accurate data and better strategic planning.
- Engendered greater real-time or near real-time visibility with drill through transaction level detail.
- Created a secure working environment such that segment users only have access to their business unit.
- Planning and Budgeting
- Accounts Payable
- Accounts Receivable
- Cash Management
- Fixed Assets
- General Ledger