The Client
Commercial loan division of mortgage lender
Challenge
- Delays & customer dissatisfaction due to effort & time for manual audit of commercial loans
- Inability to increase sample size from 25% due to high operational cost
- Could not meet turn time during peak application volumes
- Validating 250 fields manually for QC, leading to errors
- Needed to check payments received via various channels to reduce financial risk
Solution
- Financial losses and compliance issues from inconsistent QC
- Downstream processes impacted from incorrect processing
- Customer dissatisfaction with turn time delays during high volume periods
Execution
The Copasys® solution:
- Automated upload using OCR by retrieving data fields from source system
- Configured 400+ rules in Copasys (automated of 75% of the rules)
- 100% coverage of data through automated rules
- Reporting enabled through Power BI for detailed analysis/reports
- Workflow management for quick remediation by audit agents
Value Delivered
- 60% faster Quality Control turn time achieved
- 100% accuracy using automated audit
- Increased sample size from avg. 25% to 100%
- 100% turn time service levels met irrespective of the volume inflow
- Overall cost reduced by 50%
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- Reduced FTE count
- Decreased average handling time
