Accelerating Loan Closures: How We Tripled Closing Speed for a Leading Lender
Customer Overview
Our client is a fast-growing mortgage lender with offices across the United States, specializing in commercial and residential real estate. Known for fast and impeccable closing services, the client sought to double their loan volume while maintaining quality and speed.
The Challenges
The client encountered a range of challenges that affected their overall efficiency including:
- Recruiting and training new staff quickly to handle increased loan volumes.
- Reducing errors and improving process flow to cut down on loan closing times.
- Turning a slow and cumbersome process into a highly optimized one without sacrificing quality.
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The Solutions
To meet the client's demands, we tailored a comprehensive solution that included:
- Beef Up the Loan Processing Team: We hired loan processors based on their expertise in conventional and government loan programs, ensuring they were thorough in gathering borrower information, verifying loan documents, and reviewing file documentation.
- Add Multiple Quality Checks: We implemented an independent, multi-tiered quality control program focused on post-closing reviews. This ensured that loan files maintained the highest quality even during peak periods.
- Impart Process Training Quickly: We trained processors to speed up file clearance and coordinate effectively with title companies for faster loan closings. This helped them handle challenging loan applications, such as self-employed borrowers or first-time loan seekers. The training reduced onboarding time by 66%.
Results Achieved
Our solutions led to notable improvements across various key performance areas, including:
- The client was able to handle double their loan volume efficiently.
- Processing backlogs were cleared within one month.
- Post-closing of loans became 3 times faster.
- Drastic improvements in quality led to a significant reduction in repetitive work.
- Operational costs were reduced by 40-50%.
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