Expediting Pre-Purchase Review Process for a Correspondent Lender
Customer Overview
Our client, a leading residential mortgage lender licensed in all 50 states, is a key player. They specialize in wholesale, retail, and correspondent lending and manage substantial mortgage transactions across various channels.
The Challenges
The client encountered a range of issues arising from several key factors:
- Lengthy waiting times for correspondents to get their loans purchased.
- Poor quality of reviews resulting in the acquisition of risky loans.
- High operating costs from hiring senior underwriters for loan reviews.
- Slower ramp-up times lead to backlogs in processing.
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The Solutions
We tackled these challenges with a series of strategic steps, which are detailed as follows:
- Documented existing processes and prepared a comprehensive to-do checklist.
- Eliminated inefficient procedures and restructured existing processes.
- Expanded the team size significantly within a month to manage increased volumes.
- Established a Quality Control (QC) team for internal audits, implementing multi-layer checks and reviews.
- Introduced a periodic process review mechanism to ensure compliance with work plans.
Results Achieved
The implementation resulted in several key enhancements, including:
- Highly streamlined processes, leading to significant time savings.
- Reduced backlogs in pre-purchase reviews.
- 30-40% improvement in loan purchase times.
- 25-30% reduction in communication time with correspondents due to improved review quality.
- Nearly 50% reduction in operational costs, enhancing profitability.
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Streamline Your Pre-Purchase Reviews Now! To Achieve Optimal Balance in Workload and Delivery.
