Top US Residential Lender Optimizes Mortgage Process with MSuite

The Brief

• Client Profile: A leading US residential lender, ranked among the Top 30.
• Company Size: Large-scale lender with a substantial market share in residential mortgages.
• Industry Domain: Mortgage lending
• Challenges Faced: The lender's loan origination process faced inefficiencies such as slow document collection, cumbersome data validation, non-standardized processes, frequent rework, and an inability to scale with volume spikes. These issues resulted in high turnaround times, increased operational costs, and poor borrower experiences.
• Project Objective: Automate and streamline the loan origination process, reduce errors, decrease processing times, and enhance borrower satisfaction.

The Solution

The lender partnered with Back Office Pro (BOP) to implement MSuite, an automated solution designed to overhaul the loan origination process. By leveraging MSuite’s advanced solutions, the client significantly enhanced efficiency, accuracy, and quality in its operations.

• Automated Document Collection: Utilized MSuite to streamline document gathering, reducing manual intervention.
• Data Extraction & Validation: Employed OCR technology to automate data extraction and validation, minimizing errors.
• Standardized Processes: Implemented checklists and detailed process maps with standard operating procedures.
• Robust Quality Control Plan: Introduced an independent QC function to ensure high-quality standards and minimize rework.

The Outcome

The partnership with BOP and the implementation of MSuite resulted in significant positive outcomes for the lender. Key achievements included:

• Error Reduction: Achieved a 98% reduction in errors caused by human intervention.
• Faster Processing Times: Reduced total processing times from 10 to 4 days.
• Increased Application Approvals: Saw a 50% rise in application approvals.
• Cost Savings: Realized a 40% decrease in operational costs.