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O2I Expedited Pre-purchase Review Process for a Correspondent Lender

Case Study on Pre-purchase Review for a Correspondent Lender

The Client

The client is a reputed mortgage lender licensed operating in 50 states across the US. Correspondent lending and wholesale were two areas where the client had specialized.

Client Requirement

O2I was approached by the client to outsource pre-purchase review. The client realized that they had a better shot at achieving results by outsourcing the loan purchase review that had a longer turnaround time in the hands of their in-house employees.

Project Challenges

With the growth in the correspondent lending market, it became apparent that business inflow was a challenge. The main hurdle was hiring and training resources to handle increased volume in a short TAT. Therefore, the Outsource2india was contacted by the client to quickly close the widening gap. During the project, we faced the following challenges -

  • The correspondents had a longer waiting time to have their loan purchased
  • The instance of purchasing risky loan was higher due to the inferior quality of the review
  • The client's operating expenses were tipping the scales because experienced writers had to be hired or loan review
  • Mounting backlogs due to slow-paced ramp up

Our Solution

O2I's team familiarized with the client's process with the help of webinars. Within a month, we worked as an extension of the client's team to sort out problems. The measures taken by us includes -

  • Documenting processes and preparing a to-do checklist
  • Discarded incompetent procedures and remodeled existing ones
  • Multiplied the team in under a month
  • Internal audits were tasked out to QC team using multi-tier checks
  • We ensured compliance with workflow through routine review

The Results

As we enhanced the client's internal process, they were successful in balancing the work uptake and delivery. Tangible results were delivered in under 2 months where the following benefits were passed on to the client -

  • Enhanced the existing process leading to productive utilization of time
  • Backlogs on pre-purchase reviews were shrunk marginally
  • Loan purchase time was improved by 30-40%
  • Improvement in the quality of reviews reduced the communication time by 25-30%
  • The operational cost was shrunk by almost 50% and profits increased

Outsource Pre-purchase Review & Underwriting Services to Outsource2india - Mortgage Services Expert

Outsource2india is an ISO 9001:2015 certified company that undertakes outsourced pre-purchase reviews and underwriting support for lenders. Our services cater satisfaction and measurable results to lenders and financial institutions across the world. With 23 years of experience in mortgage services, we have become the first choice for clients across the world. Be it resources, scalability problem, or inadequate skills our solution can end all woes in the mortgage business. The best part about working with us is zero upfront charge and a customized quote free of charge.

Contact us now and customize a pre-purchase review and underwriting plan that is value enriching.

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Flatworld Solutions Address

INDIA

Flatworld Solutions Pvt. Ltd.

No.6, Banaswadi Main Road, Dodda Banaswadi, Bangalore - 560 043


#81, Survey No.11, Indraprastha, Gubbi Cross,
Kothanur P.O., Hennur Bagalur Main Road, Bangalore - 560 077


Corporate Court, #15, Infantry Road,
Bangalore - 560 001


Flatworld Mortgage Pvt. Ltd.

No.744, 15th Cross, 24th Main, J P Nagar 6th Phase,
Bangalore - 560 078

USA

Flatworld Solutions

116 Village Blvd, Suite 200, Princeton, NJ 08540


Flatworld Mortgage LLC

116 Village Blvd, Suite 220, Princeton, NJ 08540


135 Camino Dorado, Suite 7, Napa, CA 94588.

PHILIPPINES

Aeon Towers, J.P. Laurel Avenue, Bajada,
Davao 8000


KSS Building, Buhangin Road Cor Olive Street, Davao City 8000