Leveraging MSuite to Improve Loan Approval Time for a Leading Mortgage Service Provider
Customer Overview
Our client is a multi-award-winning mortgage provider in the United States, with a team of 4,000 mortgage experts and over 650 locations in 47 states. Known for processing 75% of its loans within seven business days, the client sought to improve its loan approval process with streamlined workflows.
The Challenges
Although the client maintained a high level of efficiency, they encountered several challenges that impacted their operations, including:
- Eliminate process inefficiencies without compromising their competitive 7-day loan approval time.
- Identify and correct wrong or missing information in loan documents.
- Reduce costs associated with manual document validation and improve the accuracy of the approval process.
-
Get Started Now!
- Contact Us
- Chat
- Email Us
- Call
The Solutions
To address these challenges, we implemented the following solutions using MSuite:
- Automate Document Indexing: MSuite automated the classification of loan documents using OCR technology, accurately transforming scanned and printed text into structured digital data for better document organization.
- Automate Document Review: Integrated MSuite with the client’s Loan Origination System (LOS) to identify errors and missing documents automatically. The system alerted loan originators if issues were detected, allowing the client to eliminate manual reviews of loan packages.
- Improve Workflows: Customized workflows were developed to optimize the entire process based on the client’s unique needs, enhancing the efficiency of their loan approval system.
Results Achieved
The integration of MSuite led to remarkable improvements, streamlining processes and boosting efficiency across key areas:
- Document validation and indexing accuracy improved nearly 100% compared to the previous manual processes.
- Efficient segregation of loan documents, improving accessibility for post-closing teams.
- A 40% reduction in overall operational costs.
- Turnaround times for loan processing were reduced from 2 hours to less than 2 minutes.
-
Get Started Now!
- Contact Us
- Chat
- Email Us
- Call
Ready to accelerate your loan approval process and reduce operational costs? Reach out to learn more about how MSuite can transform your operations!
