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.