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Top US Bank enjoys 20% lower costs while delivering same day turnaround in loan servicing requests

The Client

One of the largest consumer banks in the United States with 1100 branches across 11 states.

Business Challenge

  • Cost pressures, large variety of requests and poor response time.
  • Large number and variety of customer requests per month i.e. 27,000 for Residential Mortgage and 19,000 for Consumer Loans.

Coforge Approach

Reengineered request fulfilment process in the following stages

  • Processing Administrative Support
    • Boarding and indexing
    • Loan registration data keying (correspondent)
    • Review & quality check of initial disclosure and other documents
    • Administrative & verification support for processing
    • Review third party doc requirement
  • Pre - Underwriting Support
    • Data Validation and Review
    • Third Party Ordering
    • Income Analysis
    • Assets, Collateral, Credit and Disclosure Review
    • Ratio calculation and AUS
    • Risk Mitigation Report Analysis
    • Data & Analytics
  • Closing & Funding
    • Pre-closing quality check
    • Pre-funding quality check
    • Closing worksheet initial preparation
    • Closing disclosure review

The Result

  • Improved overall customer Service - Coforge BPS turned around 80% of work within same day.
  • Turn time improved from 5 to 3 days for settlement of transactions.
  • Sustained savings - Consistent 20%+ cost savings since inception of process.
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