How Msuite Transformed Loan Processing: Improved Efficiency, Accuracy, and Cost Savings
Customer Overview
Founded in 2008, our client is a significant non-bank mortgage lender based in Fort Mill, South Carolina, with 515 licensed offices across 49 states. They provide conventional and government-backed loans, including VA, USDA, and FHA options. The client regularly ships loan packages to investors, who require specific formatting with bookmarks to expedite their review.
The Challenges
The client faced multiple challenges, which included a range of issues listed below for clarity and resolution:
- Time-consuming and error-prone manual document indexing.
- There is a high likelihood of errors due to the rigorous process of ensuring document order and completeness.
- Inconsistent work volume causing scalability issues and high resource dependency.
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The Solutions
After analyzing the challenges, we implemented MSuite to automate the document indexing process through:
- Direct connection to the client’s SFTP to retrieve and index documents.
- Verify document completeness based on lender requirements, with automated reports on any missing documents.
- Providing fully indexed packages for sub-servicers, simplifying loan boarding to servicing systems.
Results Achieved
The deployment of MSuite, along with strategic solutions, resulted in significant measurable improvements:
- Time to prepare and board loans reduced by 20%.
- The accuracy of the bookmarking process increased to 99%.
- Up to 45% cost savings, with the client achieving premium pricing from investors for complete packages.
- Enhanced scalability and efficiency in day-to-day business operations.
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Optimize Your Loan Processing Today! Learn How Msuite Can Streamline Document Management, Cut Costs, and Improve Accuracy.
