The Client
A Leading US Bank originating mortgages
Challenge
- Delay in loan approvals
- Client seeking a strategic partner with banking domain CX experience along with strong technology capabilities to improve CX
- Absence of robust workflow management tool
- Real time queue status not available
- Incomplete review of documents leading to delay in identifying nuances, if any
- Ineffective feedback mechanism to upstream processes
Solution & Execution
- LoanAccel - Workflow management tool deployed
- Process Re-engineering done to improve the cycle time
- Removal of hard stops and conditional approval for missing documents
- Created fast track checklist and 3-tiered app processing
- Dedicated SMEs aligned to work on complex tasks
- Parallel processing to reduce cycle time
- Procuring all TPO documents to U/W
- Review of documentation requirements as per Investor & Bank guidelines and notify LO and U/W
- Initiated Real-time feedback on deficiencies by Region and MLO
Value Delivered
- Reduction in cycle time from 30 to 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
- Improved UW efficiency by 2x
- Underwriter approvals received within 2-touches
- 77% increase in single touch decision
