Streamlined Mortgage Services for a Residential Mortgage Lender

About the Customer

The customer who approached us for mortgage services was a prominent residential mortgage lender with licenses in over 50 US states. This mortgage lender's company was growing at a fast pace, and he had around 78 lending partners and offices when he first partnered with us.

Challenges Faced

With an average closing period of two to three months, our customer was unable to quickly process loans. When the interest rates dropped, the volume further increased and the customer's operations team faced difficulties in managing the increased volume.

Here are the five primary challenges faced by the customer -

1. Extremely long closing time which resulted in unhappy borrowers and loan officers
2. Delays in loan processing because of bad loans in the pipeline
3. Documents expiry even before the loan moved towards underwriting and closing. This delay required additional effort
4. Additional expenses as customer had to invest in infrastructure to manage the increase in volume
5. Low processing quality affected the productivity level of the customer's underwriters

Solutions Provided

At Outsource2india, we began the project by studying customer's operational structure. We then documented all the processes that were followed at his end. The documentation enabled our in-house team to follow the same processes and systems. It was also used to train our team in the customer's processes.

Our transition team spotted the inefficiencies in the customer's processes and suggested an apt solution for each problem. After getting approval for these solutions from the client, we implemented those solutions. With our resolutions, customer was able to effectively improve their closing turnaround time and processing.

Here are excerpts from our solution -

• We documented each of our customer's processes and also divided the complex procedures into small and simple tasks
• At Outsource2india, we were able to hire and train resources nearly three times faster than the customer's in-house team
• We divided the customer's loan processing process into more than ten smaller tasks. Dedicated teams were assigned to each task. The tasks were successfully completed within a turnaround time of 24 hours with 99 per cent achievement
• We set up a separate team to address the problem items in each of the small tasks. This team worked with the third parties, LO, and borrowers to quickly address any issues
• We assigned a special Quality Assurance team to improve and maintain the overall quality. The QA team regularly audited a fixed percentage out of the daily production on each process
• Our team provided the customer with regular exception and completion reports on each process. This enabled our customers to measure the increase in productivity and decrease in turnaround time

Outcomes & Realized Benefits

With our mortgage services, our customer was able to quickly process and close loans. This satisfied their borrowers and loan officers. With Outsource2india handling their operational challenges, the customer's management team finally had all the time to channelize their efforts into the growth of their business.

By partnering with us, our customer enjoyed the following benefits -

• Fast clearance of processing and closing backlogs
• Mortgage loans closed 30 to 50 per cent faster than before
• Over 30% less effort required in closing each of the loans, since the documents were retained in their current form until the loan was closed
• Efficient processing of twice the volume, without the need of additional staff or infrastructure
• Operational cost reduced by a whopping 40 to 50 per cent. This had a direct impact on the customer's profit
• There was a marked growth in the customer's business, as satisfied borrowers referred them to loan officers

If you own a mortgage company and face similar issues, worry no more. Contact us right now and we will provide you with custom-fit mortgage solutions.