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Leading US Residential Lender Leveraged Msuite - O2I's Automated Solution to Significantly Reduce Loan Closing Time

Case Study on Reduction in Closing Time Achieved for a Leading US Residential Lender

The Client

The client is one of the top 30 US residential lenders.

Client's Requirement

The client wanted to improve its data collection and data validation processes and reduce the loan closing time.

Client's Challenges

This project faced many challenges, including -

  • The slow document collection process
  • The tedious data validation process
  • Non-standardized processes
  • Reworks due to errors
  • Bad borrower experience
  • Large turnaround time
  • Inability to scale-up to meet spikes in volumes

O2I's Solution

We provided a solution that helped the client to -

  • Automate the document collection process by using our proprietary tool, MSuite
  • Automate the data extraction and validation process using OCR
  • Standardize the various processes with minimum submission checklists
  • Introduce in-depth process maps with relevant standard operating procedures (SOPs)

We also created a robust QC plan that functioned independently of the origination and servicing functions.

The Result

With our high-quality solution, the client was able to achieve -

  • 98% reduction in errors that were previously caused by human intervention
  • Reduction in total processing time from 10 to 4 days
  • 50% increase in its application approvals
  • 40% reduction in operational costs

The client is very pleased with our services and we now support about 80% of the client's total back office requirements related to the full range of loan origination requirements.

Outsource Mortgage Services to Outsource2india

Outsource2india is a top provider of a full spectrum of mortgage services to a global clientele. We have 25 years of experience in providing comprehensive and in-depth mortgage support services, including pre-processing support, mortgage closing support, processing support, and mortgage post-closing support services, among others. We have significant experience and expertise in training our executives to provide a wide range of back-office operations that helps clients reduce costs and increase productivity.

If you are looking for a reliable, professional, and cost-effective provider of mortgage services, get in touch with us today.

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