Leading Mortgage Lender Improves Underwriting Efficiency and Cuts Costs with Our Expertise

The Brief

• Client Profile: The client is a prominent mortgage lender operating in over 20 states in the US, with a strong presence on the West Coast.
• Company Size: Large-scale lender with a significant presence in the mortgage industry.
• Industry Domain: Mortgage lending
• Challenges Faced: The client was dealing with a substantial increase in loan applications and needed more resources. This led to a backlog in underwriting and a decline in service quality, which adversely affected client relationships and employee morale.
• Project Objectives: The mortgage lender sought a solution to expedite the clearance of pending loan applications, efficiently handle the growing loan volume, maintain high accuracy service standards, reduce operational expenses, and ultimately restore client trust.

The Solution

Partnering with Backoffice Pro (BOP), the mortgage lender implemented a comprehensive strategy to enhance underwriting efficiency and accuracy.

• Skill-based Talent Sourcing: We hired 20 qualified underwriters based on certifications and experience. This move eliminated the need for extensive in-house recruiting and training, reducing costs.
• Streamlined Underwriting Processes: We analyzed the client's workflow, identified gaps, and established a two-phase underwriting process to detect and resolve issues early. A detailed checklist ensured adherence to best practices.
• Quality Assurance: We set up a quality assurance team and standardized communication with the client. The team ensured consistent application of underwriting guidelines and minimized errors.

The Outcome

Through our targeted strategy, we transformed the client's operations. Our initiatives significantly improved underwriting speed, accuracy, and cost efficiency. The streamlined processes and skilled workforce enhanced productivity and strengthened relationships with brokers and borrowers, driving business growth.

• Reduced Turnaround Time: Underwriting time was cut from several weeks to less than 48 hours, with some files processed within 24 hours.
• Cost Savings: We eliminated recruitment and training costs for new underwriters and reduced overall operational costs by more than half.
• Enhanced Underwriting Quality: Improved accuracy and efficiency in underwriting led to better relationships with brokers and borrowers and a steady increase in business volume.
• Strengthened Client Relationships: Rebuilding client confidence fostered long-term partnerships.