Backoffice Pro Supercharges Mortgage Company Productivity with a 40% Boost

The Brief

• Client Profile: The client is a distinguished global mortgage company specializing in loan origination and has a vast customer base.
• Company Revenue: The company holds a global presence with over \$8 billion in loans.
• Industry Domain: Mortgage Industry
• Challenges Faced: The client was struggling with manually intensive underwriting processes, which caused extensive delays and elevated costs. The key challenges included automating the manually demanding underwriting processes, developing an underwriting tool capable of interfacing with third-party systems, and implementing real-time loan processing through cognitive automation.
• Project Objective: The primary objective of this project was to automate the client's manual underwriting processes to address lengthy mortgage loan processing times, increased compliance costs, and significant delays. The aim was to develop an intelligent underwriting tool that could interface with third-party systems, validate document information, and implement cognitive automation for real-time loan processing.

The Solution

Backoffice Pro developed an intelligent underwriting tool to automate the pre-approval process and validate loan-specific documentation. The tool used cognitive automation technologies to identify discrepancies, reducing manual human efforts and speeding up pre-approvals.

The process included:

• Inconsistency Detection: Utilizing cognitive automation technologies to identify inconsistencies, thereby reducing manual effort and accelerating the process.
• Efficiency Enhancement: Implementing real-time processing to reduce labor costs and enhance data accuracy, leading to fewer case rejections and increased revenue.

The Outcome

Operational Enhancements

• Reduced Case Rejections: The automation solution led to a substantial 40% decrease in case rejections, enhancing underwriting efficiency and accuracy.
• Faster Underwriting: The total underwriting time was drastically trimmed, enabling real-time loan processing and reducing labor costs.
• Increased Revenue: Case acceptance percentage and revenue surged due to the automated system, demonstrating the solution's efficacy in streamlining mortgage loan processing.

Financial Advancements

Implementing the automated system led to a significant decrease in the overhead. The real-time loan processing helped reduce delays, compliance costs, and increase productivity. The drastic 40% decrease in case rejections contributed to increased revenue for the company. Altogether, the financial efficiency of the company was substantially improved with the implementation of Backoffice Pro's solution.