Case study on Improved Mortage Closing Cyle for USA Based Mortgage Company
About the Customer
Our customer, a budding mortgage lender, approached Outsource2india for help in their mortgage closing cycle. The customer had several mortgage offices across the United States and wished for a quick and efficient closing cycle among their mortgage lenders.
Our customer was facing a number of challenges when they first approached us. They wanted to increase their work volume in a couple of months, but were not able to process the loans within the stipulated deadlines within the desired level of quality. Listed below are the four main challenges faced by the customer -
Partnering with O2I for mortgage has been a turning point in my business! I highly recommend your services
- CEO, US based Mortgage Company
Difficulties in quickly recruiting, training, and ramping up their operations
Constant errors which made the loans unsalable to their investors
Files which moved very slowly through their processing team
A long closing period, which exceeded their time line target
The customer wanted fast services at impeccable quality, which is exactly what team at Outsource2india delivered them. The mortgage team at Outsource2india began the project by conducting a thorough analysis of the customer's processes and systems. This analysis enabled our team to pinpoint bottlenecks in their operations and focus on the areas that required improvement.
The team came up with an efficient resolution that focussed on finding a quick solution to the problems that demanded immediate attention. With our mortgage solution, our customer was able to overcome their operational challenges and move on to become a leading Residential Mortgage Lender in the US.
Here are excerpts from our winning solution -
We provided the customer with a team of experienced loan processers who quickly cleared backlogs and efficiently handled the increase in volume
We successfully recruited and trained mortgage resources in 1/3rd of the time that was taken by their in-house mortgage team
To make sure that problems were identified at the earliest, we added multiple quality check points at various stages of the loan processing process
Our team made the loan process fast and easy by extracting several parts; like, HOI, Title, Payoff, Appraisal and VVOE (orders, follow-ups and reviews)
Since our mortgage underwriters underwrote a large volume of titles and appraisals, we were able to minimize the final underwriting time
We helped client with the fee calculation and prepared files for closing. Our mortgage team was able to successfully close files faster than ever before
Outcome & Benefits Realized
Mortgage team at Outsource2india helped the customer double their volume in less than 12 months. Our mortgage team also reduced the average closing time to being the least in the mortgage industry. Our US based customer achieved the following benefits by partnering with us for mortgage services -
Minimized operational costs by 40-50%
Zero customer backlogs within a month's time
Started accepting new files as soon as they came (as the queue was over)
Added new resources nearly three times faster than before to their team. This enabled their operational team to effortlessly handle the increase in volume
Divided the processing task into smaller sections, and were able to successfully move files towards underwriting, within a short time period of 7 to 10 days. This helped our customer in shortening the closing period
Introduced pre-underwriting and pre-closing. This helped the same numbers of closers and underwriters to handle the increase in volume
I have worked with Rajeev and his team at Outsource2india for the last 3 ½ years. I have been continually impressed by the level of professionalism and integrity of the O2I team has provided. We are looking forward to many more years of partnership with this great company.
Senior Vice President,
Fast Growing Mortgage Company