The Client
Top U.S. Bank originating Residential Mortgages
Challenge
- TRID rules were finalized and deadline was fast approaching
- Not enough resources to continue with current processing while transitioning to new TRID rules
Solution
- Collaboration with Bank to understand regulatory change & manage via >flexibility in staffing
- 84 pre-underwriting and 45 post-closing changes implemented; quickly adapted to process changes using change management techniques
- Implemented progressive checklists for Closing End to End processes to create efficiency
- Shift changes to enhance cycle time by 12 Hours for 70% of loans at Closing stage; proactive resource deployment in advance of TRID deadlines
- Implementation Turn Time targets for Steady State
- Rule based processes - 45 days (Intent to Proceed and PreFunding Review)
- Decision based processes - 60 days
Value Delivered
Increased Regulatory Compliance
- All regulatory deadlines met
- 80% changes implemented on TRID changeover day as required
- Operational Flexibility:
Simultaneous management of both Pre-TRID and Post-TRID loans