Backoffice Pro Accelerates a Mortgage Company’s Processing Operations by 98%

The Brief

• Client Profile: Despite having digital front-end operations, the client is a prominent mortgage company that was heavily reliant on manual labor for its back-office processes.
• Industry Domain: Mortgage Industry
• Challenges Faced: The client was struggling with manual and error-prone back-office processes, creating delays in loan processing. The repetitive tasks were burdening the staff and limiting the number of daily loan applications that could be processed.
• Project Objective: The objective was to automate the client’s back-office mortgage operations to eliminate manual errors, enhance processing speed, and boost overall productivity.

The Solution

Backoffice Pro introduced process automation for key tasks like ordering data from credit bureaus, reporting fail cases, and stopping credit monitoring.

The key elements of the solution included:

• Process Automation: Implemented process automation for key tasks.
• Labor Efficiency: Reduced manual labor by 50%, leading to a 70% rise in daily processed applications.
• Accuracy and Speed: Achieved 100% transaction accuracy and 98% reduction in processing time.

The Outcomes

Operational Enhancements

• Operational Enhancements: The automation resulted in a significant 98% reduction in loan processing time, allowing over 500 applications to be processed per day.
• Error Minimization: The transaction accuracy achieved was 100%, greatly minimizing the risk of processing errors.
• Resource Optimization: Manual labor was decreased by over 50%, freeing up staff to focus on crucial business tasks.

Financial Advancements

Automating back-office processes led to substantial improvements, including a significant reduction in processing time, increased number of daily applications processed, and improved transaction accuracy. These improvements directly contributed to the client's bottom line by reducing costs associated with manual labor and errors and increasing productivity.