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Helping a Residential Mortgage Lender Close Loans 40% Faster

Customer:

Our client is a leading residential mortgage lender with more than 80 offices nationwide.

Challenges:

On an average it took our client 2-3 months to process loans. This was leading to increased backlog, which further aggravated when the interest rates fell, and there was a sudden spike in work inflow. When the client approached us, we had to grapple with the following challenges:

  • Longer closing times resulting in dissatisfied loan officers and borrowers
  • More number of bad loans leading to delays in all the loans being processed
  • Additional efforts spent in moving loan documents to underwriting and closing departments
  • Lack of resources to handle spike in volume
  • Poor quality of processing affecting productivity of underwriters

Solution Provided:

After taking over, we first studied the clients operational structure and documented each of the processes. The documentation helped us on two counts: identify and eliminate process inefficiencies and train the offshore team so that operations with the in-house team could be synced seamlessly. Some of the solutions we introduced include:

  • Hire and train resources 3 times faster than the in-house team
  • Divide complex processes into smaller simpler tasks (For ex; Loan Processing was divided into 10+ small tasks
  • Assign dedicated teams for each tasks and set turnaround to 24 hours
  • The problem items for each of these tasks were sent to a separate team that worked directly with the Borrower/LO/Third Parties
  • Assign a QC team to audit a fixed percentage of the daily production on each of the processes
  • Provide daily completion and exception reports on each of the processes to measure productivity and turnaround

Results:

By implementing our solution, the client is able to process and close loans much faster. Some of the direct benefits realized are:

  • No backlogs of loan processing and closing
  • Loans are closing 30-50% faster than before
  • There is 25-30% lesser effort in closing each of the loans as most of the documents stay current from the time they are obtained till the loan closes
  • The client can now process twice the volume without needing additional infrastructure as the offshore team handles most of the processing tasks
  • Operational costs are reduced by 40% leading to enhanced profits

It is because of the changes that satisfied borrowers are providing more references to loan officers resulting in growth of our client’s business.

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