Accelerating Underwriting Services for a Mortgage Lender

Customer:

Our client is a mortgage lender with a strong presence on the west coast and licensed in 20+ states.

Challenges:

The customer approached us when the in-house underwriters found it difficult to handle the sudden spike in work. As a team we faced the following challenges:

• Significant long queue of loans waiting for underwriting
• Acute shortage of in-house resources to process increased loan volume
• Frustrated lenders and brokers threatening to take their business elsewhere

Solution Provided:

We started by moving in some of our experienced underwriters to understand the client’s systems and processes via webinar sessions and calls. With assistance from the on-site team, our underwriters worked through some few files and in no time mastered the process. Thereafter, we set up the following to manage the workload: 

• New hires were brought on-board and trained in the shortest possible time
• Multi-layered quality control teams were set up to
• Every underwritten document had to go through different stages of quality checks
• Weekly calls were held to review work and gather feedback

Results:

The pre-underwriting for FHA and VA loans are now completed at our end, leaving onsite underwriters to manage the final underwriting. With increased underwriting capacity the client is now able to handle more loans per day. Some benefits we delivered include

• Turnaround for underwriting tasks which went on for weeks were reduced to less than 48 hours
• Easy access to quality resources without incurring additional expenditure
• Operational costs got reduced by nearly 50%
• Improved quality of underwriting services due to enhanced quality check
• Fewer work-related complaints
• Improved capability in handling higher volumes of business
• Improved relationships between brokers and borrowers

Today, we support the client with a team of 20 underwriters for handling all HARP and Conventional Loans.