Transforming Underwriting Efficiency for Mortgage Lenders
Customer Overview
Our client is a prominent mortgage lender with a significant presence on the West Coast and operations across 20+ states.
The Challenges
The client faced challenges with their in-house underwriters during a sudden spike in loan volume:
- A long queue of loans waiting for underwriting.
- More in-house resources were needed to manage the increased workload.
- Frustrated lenders and brokers were threatening to take their business elsewhere.
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The Solutions
We addressed these challenges through a series of strategic steps, detailed as follows:
- Deployed experienced underwriters to understand the client’s systems through webinars and calls.
- Onboarded and trained new hires swiftly.
- Established multi-layered quality control teams with rigorous document checks.
- Conducted weekly review calls to gather feedback and ensure process alignment.
Results Achieved
The implementation led to crucial improvements: our 20 underwriters handle all HARP and conventional loans, pre-underwriting for FHA and VA loans is now managed offsite, and increased capacity allows the client to process more loans daily. Key results include:
- Reduction in underwriting turnaround time from weeks to under 48 hours.
- Access to quality resources without extra expenditure.
- Nearly 50% reduction in operational costs.
- Enhanced quality of underwriting services due to improved quality checks.
- Fewer work-related complaints and improved capability to handle higher volumes.
- Strengthened relationships between brokers and borrowers.
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Maximize Your Underwriting Potential Now! See How Our Experienced Team Can Streamline Your Processes and Reduce Expenses. Reach out Today!
