Client Overview
The client is a leading European bank that wanted to develop a portal which allows mortgage lenders to create customized loan packages, transfer documents, and present them in a preferred order with the help of a mortgage delivery system.
Business Challenge
- Unable to create customized loan packages
- Manual credit report check
- Inefficient document collection and management
Solution Highlights
- Integrated mortgage and brokerage services
- Complete workflow – agents and internal staff
- Configurable commission model
- Audit trail for regulatory compliance
- Centralized data processing & reporting
- Online 1003 application (MISMO Complaint)
- Leads auto-assign engine
- Compliance and process integrity
- Ability to handle 12000 concurrent users
- Integrated with credit report services.
- Integrated with a lender system for price loan option.
- Download loan applications in Fannie Mae format.
- Enables electronic transfer of the loan documents from different offices
- Substantial annual savings on operational costs
Benefits
- Allows efficient reallocation of full time employees, saving €5 million annually
- Optimised processing time for underwriting, claims, and customer service
- Optimised cycle times in turning loans over
- Quicker and more efficient document access leading to more workforce efficiency and highly improved customer service
- 100% increase in speed of post-closing processes
- 90% reduction in time spent looking for documents
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