Mortgage lender improves process efficiency by ~30% and elevates customer experience

~30%
Process efficiency
~20%
Cycle time reduction
Mortgage lender improves process efficiency by ~30% and elevates customer experience
Mortgage lender improves process efficiency by ~30% and elevates customer experience
Case study

Key Requirements

Re-engineer loan origination processes at the height of a mortgage boom and streamline inefficient lending processes.

Itemize elements of the current loan origination process, identify new technology and business processes, and create an orderly plan for modernization.

Prepare the client to internalize the technology and assume control of its use and development following platform stabilization and final UAT.

Establish an in-house automation capability by creating a Center of Excellence for automation.

Solution Synopsis

Automate loan origination with a Center of Excellence for unprecedented agility

  • Re-engineered loan origination processes
  • Automated validation of standard conditions for title, hazard, VOE and refi payoff amount
  • Flood Certification check
  • FNMA / FHLMC check current loan holder on conventional refi loans

Key Benefits

In addition to cost and efficiency improvements enabled by the modernization project, the automated checks and validations applied during loan origination result in cleaner loan files that are asset sale and servicing onboarding ready.

By leveraging “reusable parts” of the legacy origination process, the client was able to achieve a platform upgrade without a substantial capital investment.

The client is more competitive owing to the time efficiencies enabled by the modernization.

Automation Approach

Develop task automation for the eight phases of loan origination leveraging reusable assets and components from existing platforms and integrating new technology elements with existing user interfaces.

Adopt an iterative approach to development and review progress with client every three weeks. Modify approach based on client feedback at each phase.

Formulate triggers that would elevate exceptions to knowledge workers for resolution.

Operations Makeover

Applied a step-wise approach to modernization and created an orderly plan for transforming their operations across mortgage value chain.

Realigned loan origination processes to reduce turnaround time.

Created an inhouse Center of Excellence to scale and adopt automation across the enterprise.

Exceeding Expectations

Exceeded client’s expectations with our agility, timely progress reporting and domain knowledge, which inspired confidence in the process.

The client was particularly impressed with or detailed process flow and an itemized execution plan which helped in quickly establishing a Center of Excellence for automation.

Business impact

~30%
Process efficiency
~20%
Cycle time reduction

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