Greystone Servicing Company LLC Doubled Loan Servicing Capacity

About Greystone 

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in volume for these sectors. Greystone loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. 

Situation

Greystone is entrusted with servicing loans insured under various HUD financing platforms. Due to the complexity of HUD compliance, Greystone team members spent significant time on manual loan servicing tasks.

When receiving large draw packages from borrowers, the Greystone Asset Management team had to review draw packages for relevant information required to populate Excel spreadsheets. From there, they compared the Excel data to budget line items and manually updated the information in their loan servicing system. Without a way to automatically synchronize the information between Excel and the loan servicing system, Greystone Asset Management team members were tasked with monitoring the data in each system throughout the loan’s lifecycle. 

With these steps in place, processing a single draw could take several hours. As Greystone’s new construction/sub-rehabilitation pipeline increased, so did the need for additional resources. While Greystone’s team attempted to build an in-house solution to connect the information, they decided to adopt a more mature external solution. 

Solution

Greystone improved loan processing quality control and efficiency through their partnership with Rabbet. The FHA Asset Management team coordinated with Rabbet Support to ensure a smooth onboarding with minimal process disruption. “I’m not tech savvy, but the Rabbet team is always there to help with any questions,” said Amy, one of Greystone’s construction loan administrators. 

The Rabbet platform automatically parses invoices, extracting key data and double-checking it with built-in data validation. From there, the Greystone Asset Management team can quickly review and approve invoices. This reduces the possibility of duplicate invoices falling through the cracks or sending incorrect payments to general contractors. 

Rather than spending several hours building a budget in Excel, loan administrators use Rabbet to assist with budget creation and management. Teams can easily upload documents into Rabbet or email them directly into a project. Once in the system, any team member can add notes to a document to explain changes or ask questions. Notes about budget adjustments are saved in a log for easier, more auditable reporting. “Everything is in one place,” said Theresa, a senior manager at Greystone. “You’re not having to go in and out of multiple systems.” 

Greystone’s IT department chose to leverage Rabbet’s API integration. Any new loan in Greystone’s servicing system automatically gets input into Rabbet. As data changes inside the Rabbet platform, it’s automatically updated in Greystone’s in-house servicing system, helping the Greystone Asset Management team streamline their process and maintain consistency across systems.