We were initially engaged to provide calculations for a CCA loans programme and then got asked to work on a rectification involving several mortgage books as well.
The rectification was based around the return of arrears and associated fees for over 70,000 accounts split over two mortgage systems.
For one of the mortgage books (multiple brands and calculation methods) we built a database to accommodate the source data and took daily feeds from the source system to update the transactions on accounts within the database we had built. For the second mortgage book, we took a one-off feed and processed the remediation all in one mailing.
We worked with the various teams within the bank utilising an onsite and offsite team. The mortgage books contain both open and closed accounts and we took additional feeds from tracing to update addresses for close mortgage accounts.
Our solution involved cohort selection, calculating results, letter and cheque production / reissuing and the various QA steps as needed to complete the end-to-end process.
As with all our rectifications the amount of rework was minimal having spent the time initially to ensure the calculations were very close to the clients main systems.