The Brief

Client Profile: Ranked among the top 30 residential mortgage lenders in the United States, this leading institution specializes in providing comprehensive home financing solutions nationwide.
Challenge Faced: The client experienced delays in loan closings due to errors, high turnaround times, inability to scale operations, and poor borrower experiences.
Project Objective: To automate the loan processing workflow, minimize errors, reduce processing time, and enhance borrower satisfaction.

The Solution

To address the client's challenges, the following solutions were implemented:

Automated Document Collection: Utilized MSuite's inbuilt tools to streamline and expedite the document collection process.
Data Extraction and Validation: Employed Optical Character Recognition (OCR) technology to automate data extraction and validation, standardize processes, and reduce the need for extensive submission checklists.
Process Mapping and Standard Operating Procedures (SOPs): Developed detailed process maps and comprehensive SOPs to ensure consistency and clarity in operations.
Robust Quality Assurance: Established an independent quality check plan separate from servicing and origination functions to maintain high standards.

The implementation of these solutions led to significant improvements:

Error Reduction: Achieved a 98% decrease in processing errors, enhancing overall accuracy.
Faster Loan Processing: Reduced the loan processing time from 10 to 4 days, accelerating service delivery.
Increased Application Approvals: Saw a 50% increase in application approvals due to more efficient processing.
Operational Cost Savings: Lowered operational costs by approximately 40%, improving profitability.