Home Equity Lending Company Revamps Contracting With Innovative Contract Renewal Services

Client provides software, data and analytics for home equity lending and servicing.

Challenge

The client needed to migrate a large volume of legacy data to their CLM platform. Their technology provider did not have the capability to migrate this legacy data.

In addition, the client realized 1 year into their implementation that executed contracts were not auto-renewing, and those that were not on auto-renewal had no mechanism to alert the team members or appreciate next actions, some needed auto renewal, while others required more intervention.

The client was also undergoing an M&A and needed all data and docs extracted from the CLM for auditing purposes.

Solution

LegalEase mobilized a team of dedicated CLM expert attorneys to tackle the client’s challenges
The LegalEase team identified and migrated the client’s legacy data to the new CLM platform
The LegalEase team set up automatic notifications for expiring contracts when a member of the legal team needed to be involved
The LegalEase Team created processes around all types of renewals, automatic and otherwise
LegalEase provided the client with an auto-renewal solution by integrating their CRM with the client’s custom e-signature system
LegalEase also leveraged the CRMs API to create a bespoke method through which a Sales User could select the contracts and documents for signature, and send this data to their outside system, while also gathering back the finalized document back into the CRM
LegalEase was able to provide methods through which all required data and docs were extracted, within 48 hours, for a very important audit.

Results

LegalEase successfully migrated all of the client’s legacy data to the new CLM platform
LegalEase assisted the client with their contract auto-renewal process
LegalEase built a custom eSign “bridge” so contracts form the CRM got sign in accordance with the rest of their contracts living outside the sales side CRM
LegalEase provided emergency assistance in meeting audit compliance needs through data and document extraction