Finance of America Holdings (FAH) was founded in 2013 by combining 15 businesses focused on loan origination, investing and other lending services–home loans, reverse mortgages, commercial loans, and lender services. There are 300 global offices and 5500 employees.
Elire was engaged for this project as the recommended partner from Kyriba due to extensive experience in Kyriba TMS implementations and also knowledge of the mortgage industry. FAH also has a significant presence in Minneapolis (also the location of Elire’s headquarters) so it was a natural fit.
The project scope included the implementation of the Kyriba TMS application, including Integration for 21 banks, Cash Management, Signatory Management, Treasury Payments for 8 banks, and Fraud/OFAC compliance. The scope of work also included multiple entities.
One of the challenges during the implementation included the limitations of bank reporting capabilities for a number of regional banks, especially for the real estate market. Also a challenge was ensuring that the needs of both the Corporate Treasury perspective, as well as the major real estate entity were addresses and met.
The Elire team successfully completed go-live on December 13, 2021 according to plan for all in-scope modules. This included the achievement of straight-thru processing from banking through cash management to payments processing. Phase 2 of the implementation with additional functionality is on-going and set to go-live in early 2022.