The Client
A Leading US Bank originating mortgages
Challenge
1. Delay in loan approvals
2. Client seeking a strategic partner with banking domain CX experience along with strong technology capabilities to improve CX
3. Absence of robust workflow management tool
4. Real time queue status not available
5. Incomplete review of documents leading to delay in identifying nuances, if any
6. Ineffective feedback mechanism to upstream processes
Solution & Execution
1. LoanAccel – Workflow management tool deployed
2. Process Re-engineering done to improve the cycle time
3. Removal of hard stops and conditional approval for missing documents
4. Created fast track checklist and 3-tiered app processing
5. Dedicated SMEs aligned to work on complex tasks
6. Parallel processing to reduce cycle time
7. Procuring all TPO documents to U/W
8. Review of documentation requirements as per Investor & Bank guidelines and notify LO and U/W
9. Initiated Real-time feedback on deficiencies by Region and MLO
Value Delivered
1. Reduction in cycle time from 30 to 16 days
a. 2.7 days quicker App to UW
b. 6.1 days faster clearing of conditions to obtain final approval
c. 1.8 days quicker move of loans from final approval to funding
2. Improved UW efficiency by 2x
a. Underwriter approvals received within 2-touches
b. 77% increase in single touch decision