How BOP's MSuite Solution Helped a Leading Mortgage Lender Enhance Loan Boarding Efficiency

The Brief

• Client Profile: Founded in 1990 and headquartered in Boca Raton, Florida, our Client is a non-bank, full-service mortgage company that provides mortgage loans through retail, wholesale, and correspondent channels.
• Industry Domain: Mortgage lending and servicing
• Challenge Faced: The client's co-issue team receives thousands of loan packages from different lenders, which must be manually onboarded and indexed. The process is time-consuming and prone to inaccuracies. Additionally, the co-issue business experiences significant fluctuations in incoming volume, with more than 90% of monthly work needing to be completed in less than two weeks.
• Project Objective: The client seeks a solution to make the loan boarding process seamless, improve their average turn-around time, handle work volume fluctuation efficiently, and have an optimum scalability method.

The Solution

The client partnered with Backoffice Pro (BOP) to implement a comprehensive mortgage automation solution called MSuite that addresses the challenges in their loan boarding process. The solution combines advanced document processing technologies with intelligent data extraction and comparison capabilities. Here are the critical components of the solution:

• Document Indexing Engine: Helps split documents and place them in the system.
• Data Extraction Engine: Assists in extracting specific data points from the documents.
• Comparison and Exception Reporting: The extracted data is compared to the data on the digital data tape, generating an Exception Report that highlights missing documents or data.

The Outcome

Implementing MSuite's solution resulted in significant improvements across various aspects of the client's loan boarding process. The automation and intelligent processing capabilities led to enhanced efficiency, accuracy, and scalability. Here are the key outcomes:

• Loan Boarding Efficiency: The average loan boarding time was reduced by 70%.
• Enhanced Accuracy: The overall accuracy of the co-issue loan boarding process increased from 96% to 99%.
• Cost Savings: The client achieves up to 50% of cost savings.
• Scalability: With the power of automation, the client enjoys greater scalability in day-to-day business.
• Reduced Human Dependency: The human dependency on the work process is significantly lowered.