Ensuring Fast Closing Cycle for a Reputed Lender
Our client is a fast growing mortgage lender with offices across the States.
They hinged their value proposition on speed and quality and so aspired to have the quickest closing cycle among mortgage lenders across USA. The customer approached us when they were expecting to double their volumes and were apprehensive of being able to process loans within the desired turnaround and without compromising on the quality level. Some of the challenges we faced in pulling off this task included:
- Recruiting, training and ramping up operations in the shortest possible time
- Turning a painfully slow process into a highly optimized one
- Reducing errors to improve process flow
- Cutting down on the time needed to close loans
EMA studied the client’s existing processes in order to identify and eliminate operation bottlenecks. In our attempt to expedite the process of closing loans, we tailored a solution which included the following:
- Dedicating a team of loan processors to clear backlogs and handle increased volume
- Ensuring resources are hired and trained in 1/3rd the time required by the in-house team
- Adding multiple quality check points at different stages of the loan processing to spot errors
We made sure our team took up additional tasks like underwriting title, reviewing appraisal reports and fee calculation so that the time taken to round-off these processes got reduced considerably.
Our solution helped the client double the volume of work conducted in a year. This is because of the following:
- Processing backlogs got cleared within 1 month resulting in new files being taken up soon
- File movement to underwriting team took place within 7-10 days, thus shortening the closing period
- Processing errors got reduced to bare minimum ensuring there was no repetitive work
- The overall operation procedure got 3 times faster
- Operational costs got reduced by 40-50%
Thus our services helped the company maintain its value proposition in the face of increased work flow.