The Client
Top U.S. Retail/ Wholesale Mortgage Originator
Challenge
1. Needed a roadmap for outsourcing to increase capacity, reduce cost
2. Inefficiencies in loan origination cycle
3. Errors, High Turn time, Multiple operations locations, Non standardized procedures
Solution
1. Onsite study & creation of outsourcing roadmap through
2. SmarTrans® methodology
3. Detailed process maps, standard operating procedures and checklists created
Execution
1. Phase 1: Started with Wholesale channel
2. Phase 3: Services were extended to Retail Channel
3. Phase 5: 100% increase in outsourced mortgage staff; now managing 80% of the bank’s origination back-office functions Significant Improvements in End to End Mortgage Lifecycle
Value
1. Improved turn time in Loan Registration - 48 hours to 2 hours
2. 22% reduction in loan approval time
3. Quality score above 97%
4. Flexible staffing to handle volume fluctuations; converted fixed to variable cost
5. Coforge handles volume fluctuations