The Client
A Leading US Bank originating residential mortgages
Challenge
- Wanted to reduce fulfilment cycle time
- No real time status updates to Loan Officers/ Agents
Solution
- Fast Track checklist for files submitted to UW - verify 1003 & LOS data
- Remove hard stops and conditional approval delays due to missing documents
- 3-tiered app processing to address missing information
- Specialists prepared 4506T form & ordered VOE and Tax Transcripts
Execution
- Parallel processing to reduce cycle time
- Real-time feedback on deficiencies by Region and MLO
- 2 follow-ups by specialist team on deficiencies to move files faster to U/W
Value Delivered
- Clear to close in 16 days
- 2.7 days quicker App to UW
- 6.1 days faster clearing of conditions to obtain final approval
- 1.8 days quicker move of loans from final approval to funding
- Reduced re-work
- Underwriter provided final approval within 2-touches
- 77% increase in one touch submission to Underwriting
