Pre-Purchase Review Process for a Correspondent Lender

Expediting Pre-Purchase Review Process for a Correspondent Lender


Our client is a leading residential mortgage lender licensed in 50 states. They specialize in wholesale, retail and correspondent lending.

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As a major player in the correspondent lending market, our client was finding it difficult to handle the huge volume of business inflow. Hiring and training resources quick enough to handle increase in volume was a huge problem, and so the client approached us to close the gap. In taking up the task, we had to contend with the following challenges:

  • Longer waiting time for the correspondents to get their loan purchased
  • Poor quality of reviews leading to purchase of risky loans
  • Higher operating costs as senior underwriters had to be hired to review loans
  • Slower ramp up causing backlogs

Solutions Provided:

With the help of a couple of webinars, our team acquainted themselves with the client’s existing processes, and in a month’s time, we started working along with the in-house team to tackle the problems. The steps we took include:

  • Document the process and prepare a to-do checklist
  • Weed out inefficient procedures and remodel existing processes
  • Double the team strength in less than a month
  • Assign a QC team for internal audit and deploy multi-layer check and reviews
  • Introduce a periodical process review mechanism to ensure adherence to work plans


It took us less than two months to deliver tangible results to our clients. Some of the direct benefits realized were:

  • Highly streamlined process leading to huge time savings
  • Reduced backlogs on pre-purchase reviews
  • 30-40% improvements in loan purchase time
  • Improved quality of reviews leading to 25-30% reduction in communication time with the correspondent
  • Nearly 50% reduction in operational costs leading to greater profitability

With the help of an optimized internal process, the client was able to maintain a proper balance in work uptake and delivery.

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