Accelerating Loan Closing Time With Msuite Automation
Customer Overview
Our client, a top 30 US residential lender, faced critical inefficiencies in their loan origination cycle, which affected business outcomes and borrower satisfaction.
The Challenges
The client encountered several challenges that impeded progress, including the issues listed below:
- Slow document collection and inefficient data validation.
- A non-standardized loan origination process.
- High rework rates due to errors, resulting in longer turnaround times.
- Inability to scale operations in response to surges in loan volume.
- Poor borrower experience due to delays and inconsistencies.
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The Solutions
We implemented MSuite, an automated solution, to tackle the challenges, including:
- Automated document collection, speeding up the process.
- Data extraction and validation through OCR reduces manual intervention.
- Standardized processes using detailed submission checklists and process maps.
- Developed a comprehensive QC plan with independent quality control measures separate from the originating and servicing functions.
Results Achieved
Our solution led to significant improvements across various metrics, including:
- 98% reduction in errors caused by human intervention.
- Reduced total loan processing time from 10 days to just four days.
- 50% increase in loan application approvals.
- 40% reduction in operational costs.
- With this transformation, the client supports 80% of their back-office operations through MSuite, enabling seamless end-to-end loan origination.
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Ready To Expedite Your Loan Closing Process and Enhance Operational Efficiency? Reach out to Our Experts for a Customized Solution Today!
