A Workflow-Based Loan Processing Service Helps Lender Grow Business by Leaps and Bounds
Customer Overview
Our client is a mid-sized Texas-based residential mortgage lender with four branch offices and 100 employees. As a rapidly growing loan origination and servicing company, they sought to make mortgage financing easy and enjoyable for their customers while scaling their operations.
The Challenges
The client faced numerous challenges in their appraisal services, as outlined below:
- There was a need to ramp up funding from 500 to 1,500 monthly loans.
- Inadequate resources and technology to handle increased volume.
- Time constraints and inaccuracies in document gathering, data entry, and verification.
- Repeated requests for the same documents at different loan stages caused delays.
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The Solutions
To address these challenges, we designed a workflow-based loan processing system focused on the following:
- Streamlined Document Management: A step-by-step process to ensure timely collection, review, and classification of loan documents.
- Automated Compliance Checks: Built-in processes for verifying loan documents against Freddie Mac and Fannie Mae requirements.
- Optimized Workflows: Assigned tasks to ensure that each person in the line could complete their responsibilities accurately and efficiently.
- Three-Tier Quality Control: Implemented pre-defined checklists to verify documents at every stage, reducing errors and speeding up the review process.
Results Achieved
Our workflow-based solution delivered significant benefits:
- 300% increase in loan volume: The client scaled from processing 500 to 1,500 loans per month.
- 50% reduction in loan cycle time: Automated processes cut loan cycle times from 60 to 30 days.
- 40% increase in underwriter productivity: Streamlined workflows enabled underwriters to handle 40% more files, improving efficiency across the board.
- 50% fewer errors: The automated compliance checks significantly reduced errors in loan files, enhancing data accuracy.
- 90% reduction in document delays: Eliminating redundant document requests dramatically improved document processing times.
- $9 billion growth in assets: Thanks to enhanced efficiency and capacity, the client’s assets grew from $1 billion to $10 billion within a year.
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Ready to streamline your loan processing and achieve business growth? Reach out today to learn how we can help transform your operations!
