Flatworld Helped a Leading Correspondent Lender Accelerate their Pre-purchase Review Process
Read this case study to find out how Flatworld Solutions helped a correspondent lender accelerate their pre-purchase review process leading to a reduction of loan purchase time by 40%.
The client is a licensed provider of mortgage services in 50 different states. They focus on wholesale, retail, and correspondent lending.
Client's Challenges & Requirements
As a foremost contender in the correspondent lending market, it was difficult for the client to handle a large influx of business. Recruiting and training resources fast enough to cope with the increase in numbers was a huge problem, so the client approached us to narrow this gap. When we took over this task, we had to face the following challenges -
Long wait for correspondents to buy their credit/get loans
Inferior quality assessment of purchase loans
Higher operating costs due to the need for the major underwriter to undergo loan review
Slower start caused delays/backlogs
Through multiple webinars, our team familiarized with the customer's existing processes and started working with the internal troubleshooting team. The steps our team took are -
Recorded process and prepared task list
Cut invalid processes and rebuilt the existing process
In less than a month, we were able to double the team
Assigned QC team for internal audits and implemented multi-level review process
Established regular process control mechanisms to ensure compliance with work plans
We took only 60 days to bring tangible changes that improved the pre-purchase processes of the client. A few direct results because of the process change include -
Reduction in the number of pending backlogs for pre-order reviews
Loan purchase time reduced by 30-40%
Higher quality reviews led to a 25-30% reduction in communication time with correspondents
Reduction in the operating costs by 50%, resulting in higher profitability
Thanks to the optimized internal processes, the client was able to keep an appropriate balance between uptake and delivery of the service.
Outsource Pre-purchase Review Process to Flatworld Solutions
We have a deep understanding of US mortgage law and provide mortgage support services to meet the exact needs of retail & wholesale lenders, investors, private mortgage lenders and even service providers.
Get in touch with us today for consistent, efficient, and cost-effective pre-purchase review process services.