Mortgage Lender Achieves Record-Breaking Closing Times with Innovative Solution

The Brief

• Client Profile: A rapidly expanding mortgage lender with a national footprint, the client is deeply entrenched in the commercial and residential real estate sector.
• Industry Domain: Mortgage lending, Commercial, and residential real estate
• Challenge Faced: The client aimed to have the quickest closing cycle among mortgage lenders across the USA while expecting to double their volumes. They were apprehensive about being able to process loans within the desired turnaround and without compromising on the quality level.
• Project Objective: The client sought to maintain its value proposition of speed and quality while doubling its loan volumes. Therefore, it needed a solution to process loans quickly without compromising on quality, even with an increased workload.

The Solution

Backoffice Pro (BOP) developed a comprehensive strategy to address the client's challenges and meet their objectives. By focusing on team expansion, quality control, and efficient training, BOP crafted a solution enabling the client to handle increased loan volumes while maintaining their reputation for speed and quality. The critical components of this solution were:

• Beef Up the Loan Processing Team: Hired experienced loan processors, testing their knowledge of loan programs and thoroughness in handling loan documentation.
• Add Multiple Quality Check: Implemented a quality control program with multi-tier checking, headed by a quality control representative, and introduced a review of sample selections on a random, targeted & discretionary basis.
• Impart Process Training: Trained processors on speeding up file clearance, coordinating with title companies, and handling challenging loan applications. We have achieved faster training times for new joiners.

The Outcome

Implementing BOP's tailored solution resulted in significant improvements across various aspects of the client's operations. These enhancements addressed the immediate challenges and positioned the client for sustained growth and efficiency in their mortgage lending processes. The key outcomes of this partnership include:

• Improved Process Efficiency: The client was better prepared to meet the demands of a doubled volume of work.
• Faster Processing: Processing backlogs cleared within one month, and post-closing of loans became three times faster.
• Enhanced Quality: Drastic improvement in quality led to a fall in repetitive work.
• Cost Savings: Operational costs are reduced by 40-50%.