Helping a Residential Mortgage Lender Close Loans 40% Faster
Customer Overview
Our client is a prominent residential mortgage lender with over 80 offices nationwide. They handle a substantial volume of loans, requiring efficient processing to maintain their competitive edge.
The Challenges
The client encountered multiple issues affecting their loan processing, including:
- Average loan processing time of 2-3 months, leading to significant backlogs.
- Increased workload and delays during interest rate fluctuations.
- Moving loan documents through the underwriting and closing departments requires additional effort.
- Limited resources to manage spikes in loan volume.
- Poor processing quality affects underwriter productivity.
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The Solutions
Our approach involved a comprehensive overhaul of the client’s operations:
- Conducted a thorough review and documentation of existing processes to identify inefficiencies.
- Trained an offshore team to synchronize with the in-house team, improving operational efficiency.
- Hired and trained resources at three times the speed of the in-house team.
- Divided complex processes into manageable tasks (e.g., splitting loan processing into 10+ smaller tasks).
- Assigned dedicated teams to each task with a 24-hour turnaround.
- Created a specialized team to handle problem items, working directly with borrowers, loan officers, and third parties.
- Implemented a Quality Control (QC) team to audit a fixed percentage of daily production.
- Provided daily completion and exception reports to track productivity and turnaround.
Results Achieved
This implementation brought about several significant improvements, such as:
- Eliminated backlogs in loan processing and closing.
- Accelerated loan closures by 30-50%.
- Reduced effort per loan by 25-30%, maintaining document currency from acquisition to closure.
- Enabled the client to process twice the volume without additional infrastructure, with the offshore team handling most tasks.
- Reduced operational costs by 40%, enhancing profitability.
- Increased client business growth due to satisfied borrowers providing more references.
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Accelerate Your Loan Closures Today! Find Out How Our Solutions Can Help You Process Loans Faster, Reduce Costs, and Improve Efficiency.
