The Brief

Client Profile: The client is a multi-award-winning mortgage provider in the United States, with a team of 3,000 mortgage experts and a presence in over 650 locations across 47 states. They specialize in delivering best-in-class loan processing times, with a track record of processing 75 percent of their loans in just seven business days.
Company Size: A large mortgage service provider with 3,000 employees
Industry Domain: Mortgage lending and processing
Challenges Faced: The client sought to improve their competitive loan approval process by moving from manual validation of loan packages to a more efficient, automated system. They needed to reduce loan closing costs and improve turnaround time to less than seven business days while maintaining their customer-friendly approach.
Project Objective: Create streamlined workflows to systematically index files, reduce loan closing costs, and improve turnaround time to less than seven business days without compromising customer service quality.

The Solution

Backoffice Pro (BOP) partnered with the client to implement M-Suite, our in-built automated document management tool, and customized workflows.

Automated Document Indexing: We leaned on M-Suite's OCR technology to automatically classify and index loan documents, eliminating manual sorting.
Automated Document Review: Integrated M-Suite with the client's loan origination system (LOS) to identify errors and missing documents, dispatching alerts to loan originators when needed.
Improved Workflows: Customized the platform to optimize performance according to the client's needs, enhancing overall process efficiency.

Our M-Suite solution delivered significant improvements for the mortgage service provider:

Enhanced Accuracy: There was a close to 100% improvement in document validation and indexing accuracy compared to the previous manual process.
Faster Processing: Reduced loan processing turnaround time from 2 hours to less than 2 minutes.
Cost Savings: Achieved about 40% reduction in overall operational costs.
Improved Document Management: Efficient segregation of loan documents, making it easier for post-closing teams to locate files.