Flatworld's Automated Solutions - MSuite Reduced Loan Closing Time Significantly for a US Client
The client is one of the top 30 residential lenders based in the United States.
The client was looking for a reliable service provider who could help them to reduce their loan closing time significantly. They were experiencing a lot of difficulties due to rework due to errors, high turnaround time, inability to scale up, and bad borrower experiences in the past. They were looking to automate the entire process and provide the best experience to their clients.
Our team at FWS and the client had to face a few major challenges while implementing the project for the client. Some of the major challenges were -
- The client has a very slow document collection process which needed to be accelerated.
- They were following a non-standardized process which made the entire data collection process very cumbersome.
- They were unable to scale up their service requirements in case of a spike in volumes.
Considering the client's requirements and challenges, we devised a streamlined plan for the client. We introduced our automation solution MSuite to the client which made their processes much simpler. Leveraging the power of MSuite, we helped the client to -
- Automate the document collection process using the inbuilt tool in MSuite.
- Automate the data extraction and validation using OCR and standardize the entire process by reducing submission checklists.
- Develop a detailed process map with quality SOPs.
- Develop a robust quality check plan with functions independent of servicing and origination functions.
The client has been extremely delighted to see the results of the services delivered by our team. We were successfully able to reduce errors by 98% and reduce the loan processing time from 10 days to just 4 days. We were also able to increase the application approvals by 50% and decrease the operational costs by almost 40%. The client was not only impressed by the quality of services but also the cost-effectiveness of the entire project. We now handle almost 80% of the client's back-office operations for end-to-end loan origination.
Outsource Underwriting Support Services to Flatworld Solutions
Flatworld Solutions has been a pioneer in providing the best quality mortgage loan processing support services and a plethora of other mortgage support services to global clients. We have some of the most experienced and skilled mortgage loan processing experts on board who can take care of all your requirements with ease. We leverage the latest tools and technologies while delivering the best quality services to clients around the globe.
If you are looking for a reliable and cost-effective loan processing support service providing company, then you have come to the right place. Get in touch with us today!