37% reduction in residential mortgage closing “Pend” rates

The Client

A leading Mortgage Origination Bank with presence in the Retail channel

Challenge

  • High closing Pend rate (~50%) leading to closing delays and customer dissatisfaction
  • Changes to closing function due to Upcoming RESPA-TILA regulations
  •  Inability to meet turn time on Rush Orders & HUD follow-ups


Solution

  • Detailed analysis of the Pend report to identify critical errors
  • Recommended setting up of an “Associate Processing Team” for efficient resolution


Execution

  • Automation of Closing workflow
  • Created procedures for HUD to be approved 24 Hour before Closing Date


Value Delivered

  •  Reduction in pend rates
    • Closing Pend Rate dropped from 55% to 35%
  • Reduced closing delays
    • 2.1. 13% increase in number of HUDs approved before scheduled closing
    • 2.2. 80% of HUDs approved before closing date and time (9% increase)
Let’s engage