The Client
A Top Mortgage Originator Bank in the U.S
Challenge
- Post close errors resulted in significant revenue leakages due to delays in selling loans in the secondary market
- Delays caused due to incorrect loan closing
Solution
- SmarTrans® methodology used with an objective to reduce data errors through the loan life cycle
- Detailed analysis of the post-closing error report
- dentified gaps in upstream and downstream processes
Execution
- Created new process maps and re-engineered processes
- New procedures re-orientation training conducted
Value Delivered
- Reduced Days to Fund from 48-55 days to 35-40 days
- Reduction in errors led to reduced cost to cures from $55-$60 to $12-$17
- Identified additional savings from new opportunities worth $1.34 MM
