85% Reduction in Mortgage Post-Closing “Pend” Errors

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
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