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)
